Minister of Petroleum Tarek El Molla announced on July 31 that the ministry is planning to increase investment opportunities for oil and gas exploration by offering new tenders for the Red Sea and West Mediterranean areas, Egypt Independent reported.

El Molla stated that the ministry will offer an international exploration tender for the Red Sea depending on the results of an upcoming seismic survey project slated to take place in December 2018.

The seismic survey, which will be conducted by WesternGeco Schlumberger and TGS, aims to identify new oil and gas deposits, and find new geological layers in current production areas at the Gulf of Suez.

El Molla also announced that the ministry signed a memorandum of understanding with global companies for the establishment of a digital information bank and investment map, also aiming to increase investment opportunities for oil and gas research and exploration.