Ganope intends to announce, by the middle of next month, the names of foreign companies who won the oil and gas exploration bids for the 10 new blocks issued at the beginning of this year.

We are currently finishing our evaluation of the offers made by foreign companies and the results will be forwarded to the Minister of Petroleum for approval and announcement mid-August, said Abu Bakr Ibrahim, head of Ganope.

6 blocks are offshore in the Gulf of Suez and the remaining 7 are onshore in the Nile Delta and Kom Ombo in Aswan, totaling an investment of around million for exploration.

The foreign partners intend to invest about $120 million during the current fiscal year in exploratory and development operations in Ganope’s concession areas, Abu Bakr Ibrahim also said, adding that Ganope’s own subsidiaries plan to pump $60 million in 2015/2016.

Source: Al-Borsa