The Egyptian General Petroleum Corporation (EGPC) will issue a new international bid round for oil and gas exploration as Q1 comes to an end, reported Al-Borsa News. Minister of Petroleum, Tarek El-Molla, explained that the EGPC had obtained all security clearances from relevant authorities and ministries for the Western Desert areas.

In addition, the Ministry of Petroleum is currently on the lookout for signing four petroleum agreements with foreign partners for oil and gas exploration.

The minister added that Egypt is a huge market for investments in the energy sector and that the country has large reserves of crude oil and gas.