Egypt-Greece Agreement Could Create E&P Bid Round Opportunities

Egypt-Greece Agreement Could Create E&P Bid Round Opportunities

Hamdy Abdel Aziz, Spokesperson for the Ministry of Petroleum and Mineral Resources, stated that the new Egypt-Greece maritime demarcation agreement will create more opportunities for exploration and production (E&P) bid rounds in the Mediterranean, according his statements to Sada El-Balad.

The agreement will lead to more regional cooperation between the two countries, given the membership of the two countries in the Eastern Mediterranean Gas Forum (EMGF). Abdel Aziz explained that this agreement allows the state to launch international bid rounds similar to the bid rounds that followed the Cyprus-Egypt maritime demarcation that resulted in the discovery of the Zohr field.

Abdel Aziz noted that the gas reserves in the Mediterranean are estimated at around 300 trillion cubic feet (tcf), and experts affirm that the Mediterranean is rich in petroleum products.



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