Minister of Petroleum and Mineral Resources Tarek El Molla announced the results of the first international digital bid round for oil and gas exploration and production (E&P) in the Mediterranean, Western Desert, and the Gulf of Suez, according to a press release.
Eight blocks with a total area of about 12,300 square kilometers (two in the Mediterranean, four in the Western Desert, and two in the Gulf of Suez) were awarded to Eni, BP, Apex International, Energean Egypt, Ina Nafta, Sipetrol, and United Energy, at a minimum investment cost of approximately $250 million during the exploration phases. This is in addition to the $23.7 million signature bonus.
Most importantly, the companies are required to drill a minimum of 33 wells.
El Molla also indicated that in light of the current global conditions related to the coronavirus pandemic, this bid has achieved positive results that will attract more investments during the coming period.
Egypt Upstream Gateway (EUG) has provided international companies with access to all geological and geophysical data for all regions, represented by about 42 three-dimensional seismic surveys, 2,894 two-dimensional seismic surveys, and 118 wells.