Egypt to Launch Oil, Gas International Bid Round Before the End of 2022

Egypt to Launch Oil, Gas International Bid Round Before the End of 2022

Egypt plans to launch an international bid for gas and oil exploration in the Mediterranean and the Western Desert before the end of this year, Minister of Petroleum and Mineral Resources Tarek El Molla said in an interview with Al-Sharq.

“Initial approvals have been obtained for the sites that will be put up for bidding, whether in the Mediterranean or the Western Desert,” El Molla added in the interview, on the sidelines of the Eastern Mediterranean Gas Forum (EMGF) meeting held in Cairo.

In addition, El Molla said that Chevron made a new discovery in Egypt, but it is awaiting the completion of the evaluations to announce the discovery and identify the proven reserves in the field, expecting the results of the evaluations to be announced during the first quarter of 2023.

On the other hand, El Molla indicated that the quantities of gas exported to the European Union (EU) countries from Egypt and Israel amount to about 90% of the total volume of gas exports and that the two countries are working to increase the quantities that will reach Europe during the coming period.

Last January, Egypt awarded eight areas for oil and gas exploration through international bidding involving the companies Eni, bp, Apex International, Energy Egypt, Ina Nafta, Sipetrol, and United Energy.

The areas to which the award was signed in January are two regions in the Mediterranean Sea, four regions in the Western Desert, as well as two regions in the Gulf of Suez, with a total area of ​​about 12.3 thousand square kilometers, with a minimum investment in research periods estimated at about $250 million, in order to drill a minimum of 33 wells, in addition to $23.7 million in signing bonuses.

Sarah Samir 2950 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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