Egypt will offer an international bid round for new oil and gas exploration blocks in the Mediterranean and Nile Delta, according to EGAS head Khaled Abdel Badie, Reuters reports. The tender will be held in the second half of the 2015-2016 fiscal year. Badie also said the EGAS will sign three new contracts for Mediterranean Sea development worth $500m.
The news comes weeks after the EGPC postponed a bid round scheduled for early 2016 due to low energy prices, Daily News Egypt reported. Egypt has been working to attract exploration and investment despite increasing arrears, now at $3b. The chairman added that around 760 million cubic feet per day of new gas production will come online in FY 2015-2016 due to new projects and development wells.