Egypt will launch an oil exploration and production (E&P) tender and contract new firms during the second half of 2018, Egypt’s Minster of Petroleum and Mineral Resources, Tarek El Molla, announced, according to Al Ahram Newspaper.
“Petroleum E&P is based on scientific studies,” El-Molla affirmed, noting that “there are many international companies that have advanced to research and explore in new areas after the discovery of Zohr field.”
One of the important results of the borders’ demarcation in the Red Sea is that “Egypt successfully contracted with international oil companies for E&P in new areas,” El Molla further stated.
The Egyptian Natural Gas Holding Company (EGAS) plans to issue an international outbidding to explore for crude oil and natural gas in 11 concession areas before June 2018, an official at EGAS previously said, Amwal Al Ghad reported.
The bids’ concessions would include eight offshore areas and three onshore concessions. EGAS obtained all required security approvals in order to issue the outbidding, the official noted.