Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla announced the winners of the bid rounds that were announced last year with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS), on the sidelines of the Egypt Petroleum Show (EGYPS 2019)
On the sidelines of the Egypt Petroleum Show (EGYPS) 2019, the minister was accompanied by the Egyptian General Petroleum Corporation (EGPC) CEO Abed Ezz El Regal, and the head of Egyptian Natural Gas Holding Company (EGAS), Osama El Bakly, and he revealed that many foriegn companies will pump more investments in the Egyptian petroleum sector.
The new investment climate and political stability are encouraging more global companies, such as Eni, BP, Exxonmobil, and Shell to increase their investments in Egypt, El Molla stated.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, the minister was quoted by Reuters.
EGAS signed $70.45 million agreements to drill 39 well in the Western Desert with investments of $164.5 million, according to a ministry statement.
New exploration areas include the Western Desert, Gulf of Suez, the Nile Delta, and the Mediterranean.
The General Petroleum Company (GPC) was awarded a $5 million contract to drill 10 wells, while Neptune Energy obtained an $11 million deal to drill three wells with a total volume of investments at $34.5 million.
Shell Egypt won three bids, the first is in the west of Faiyum for $24.7 million to drill six wells, the second is for five wells in the southern east of Horus for $24.7 million, while the third is a $7.8 million deal for three wells in Abu Sinan.
ExxonMobil, BP, Total, Shell, Petronas, DEA, BG, and Ieoc Production BV, were awarded a number of contracts for concessions that are mainly near Alexandria and Siwa.
IEOC Production BV won the bid round for South East Siwa to drill four wells with $17 million investments and $1.15 million signing bonus.
Exxonmobil, BP, IEOC, Total, Shell and Petronas were awarded exploration rights in District number three in North East Amereya Offshore to drill two wells with financial commitment $100 million and $10 million signing bonus.
BG and Petronal won the bid round for District number four in Sidi Gaber Offshore area to drill one well and conduct seismic survey on 1500 km2, with financial commitment $60 million and $10 million signing bonus.
The two companies further won the bid round for District number six in North Al Fanar Offshore to conduct a seismic survey on 2250 km2 with $9 million financial commitment and $3 million signing bonus.
Dea won exploration rights for District number 10 in East Damanhour Onshore Concession to drill seven wells, with $28 million financial commitment and $11 million signing bonus.
IEOC and BP won the bid round for District number 11 West Sherbin Onshore to drill two wells, with $18 million financial commitment and $5 million signing bonus.
Egypt Oil and Gas is the official publication of EGYPS 2019.