Two-thirds of the concession areas in Egypt are still unexplored, according to Dr. Samir Raslan, Vice Chairman for Agreements & Exploration of Egyptian Natural Gas Holding Company (EGAS), Al-Ahram reported.
During the 10th Mediterranean Offshore Conference and Exhibition (MOC 2019), Raslan reviewed the exploration and production (E&P) areas in Egypt in the eastern and western Mediterranean, the Red Sea, and southern Egypt.
He added that the Mediterranean Sea is a vital source for E&P of natural gas, based on the area’s recent discoveries and its geological attributes, which has placed the Mediterranean Sea as one of the most attractive areas for investors. However, it needs further exploration as it contains a huge reservoir of gas that is yet to be discovered, Raslan said.
Raslan explained that through the Ministry of Petroleum and Mineral Resources’ Modernization Project, new non-traditional mechanisms have been developed and applied to encourage and increase investments in the fields of research and development (R&D) and E&P of new areas.
According to Raslan, the coming period will see several projects for collecting geophysical data in Upper Egypt, using a new technology implemented for the first time in Africa and the Middle East. The new technology is planned to be implemented during the current fiscal year, which aims to attract more investments and achieve new discoveries that enhance and maximize the production and reserves of Egypt’s oil and gas.
In this context, the MOC showcased the steps that have been implemented towards establishing a digital portal for the marketing of oil exploration areas, in cooperation with international oil companies (IOCs) in order to attract investment opportunities and promote these areas.