Tarek El Molla, Minister of Petroleum and Mineral Resources, announced on December 29 the results of the bid round launched in March of 2019 by Ganoub El Wadi Petroleum Holding Company (Ganope), according to a press release.

Chevron won a concession in Block 1, while Shell won two concessions; the first is located in Block 3 and the other, which Shell won in collaboration with Mubadala Emirates Company, is located in Block 4. This rounds up the total area covered in the exploration phase to 10,000 square kilometers and minimum investments of $326 million, which will increase to billions in case of commercial discoveries.

El Molla noted that bids from international oil companies (IOC) are a positive indicator of Egypt’s investment climate.

The minister indicated that the results are already positive at its current stage and will witness more demand from IOCs in the future.