EGPC Chairman Tarek Al Molla said that the company will soon announce in the second half of this year a new bid round for exploration in a number of areas .

Al Molla made this statement during a Production Optimization Roundtable, hosted by Egypt Oil & Gas on the 11th of May.

El Molla, clarified that the EGPC is  currently finalizing the details of the blocks in the bid round.

He added that EGPC was just about to pay the first batch of its debt to UAE’s ADNOC during the month, adding that the agreement with the company is still valid and that it was continuing to supply about 60% of Egypt’s needs of petroleum products per month.

He said that EGPC has not negotiated at the moment with any other company for a similar contract, adding that EGPC will meet the needs of the local market through issuing import tenders on a monthly basis.

Source: Al-Masry Al-Youm