In an effort to increase Foreign Direct Investment (FDI) in the oil and gas sector, Ganoub El-Wadi Holding company issued a new international tender for the exploration of ten areas including five sites within the southern region of the Suez Canal, Egypt Oil&Gas reported.
The launched tender includes ten sectors, five are located in the south of Gulf of Suez Gulf, west of Gebel El-Zeit, south-east of Ghara, east of Jesom, Taer El Bahr, and five sectors are located in the Western Dessert of Egypt in south of Al Kharga, east and west of Al Messaha, reported Al-Borsa News.
According to a ministry’s press release, Tarek El Molla, the Minister of Petroleum and Mineral Resources, stated that this is the second bid round of its kind issued in 2016. The minister stressed that these agreements with global companies will provide the country with the necessary momentum to achieve Egypt’s strategic drive to ensure sustainable energy supplies, thus enabling economical and social development.
Dr. Sherif Sosa, the President of Ganoub El-Wadi, stated that this new bid round will boast exploration efforts within the regions of Southern Suez Canal and the Western Desert. Currently, Egypt has 20 exploration agreements with global and local companies, as well as other Arabic entities.
Egypt Oil&Gas provides exclusive information regarding the official announcement for The International Bid Round issued by the Egyptian Ministry of Petroleum and Natural Resources, and Ganoub El Wadi Petroleum Holding Company.