Royal Dutch Shell is waiting for the first exploration and production (E&P) bid round in the Red Sea, which is planned to be launched in few weeks.

The company anticipates the official launch in order to study the possibility of bidding, based on studying data and information related to the concessions in the bid round, said Moataz Darwish Deputy Chairman of Shell Egypt, as reported by Al Masry Al Youm.

Petroleum Minister Tarek El Molla previously announced that the first E&P bid round in the Red Sea will be launched soon for international oil companies (IOCs) working  inside and outside of Egypt to make their bids.

The Ministry of Petroleum paid a huge part of its arrears to Shell recently, which contributed to develop the company’s work in Egypt on a faster pace, and was one of the encouraging factors for the company, Darwish added.