Egypt has reviewed financial offers for the exploration and production (E&P) tender launched for Egyptian concessions, Abed Ezz El Regal, head of the Egyptian General Petroleum Corporation (EGPC), told Akhbar El Yom.

The oil and gas sector is currently conducting the operational review of the bidders, which will be completed soon and followed by evaluating the tender’s results and announcing the winner, he added.

EGPC launched two E&P tenders in 2018 for five concessions in the Western Desert, two concessions in Nile Delta, three in the Gulf of Suez, and one in the Eastern Desert.

Egypt currently produces 660,000 barrels of crude per day (b/d) amid efforts to increase production levels further, Ezz El Regal said.

EGPC has been preparing to sign the contracts related to E&P tenders it launched in 2018, a source at EGPC previously told Amwal Al Ghad.

The contracts are set to be signed during the first half of 2019, the source stated, adding that 2019 will not witness new contracts as the first to be signed will be those related to tenders that have already been launched by EGPC and the Egyptian Natural Gas Holding Company (EGAS).