El Molla: New Mediterranean Sea Bid Round on the Horizon

The Minister of Petroleum and Mineral Resources, Tarek El Molla commented on the Egypt-Greece maritime demarcation agreement saying that it opens the door for more opportunities for exploration and production (E&P) bid rounds in the Mediterranean, according to Youm 7.

Several international institutions and international experts indicated that the region is indeed a promising area and rich with natural gas reserves. El Molla explained that during the upcoming period, the ministry plans to assess and test blocks that could be launched in international bid round. 

Earlier this week, Hamdy Abdel Aziz, Spokesperson for the ministry reiterated the same notion and stated that the gas reserves in the Mediterranean are estimated at around 300 trillion cubic feet (tcf).


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