Ministry of Petroleum to Launch Bid Rounds in West Mediterranean
The Ministry of Petroleum and Mineral Resources is planning to launch a new bid round in Q3 2019 for natural gas exploration in the West Mediterranean region.
The Ministry of Petroleum and Mineral Resources is planning to launch a new bid round in Q3 2019 for natural gas exploration in the West Mediterranean region.
Egypt plans to double its exports of liquefied natural gas (LNG) by the end of 2019 to reach 2 bcf/d.
El Molla and Al-Falih met on the sidelines of the World Economic Forum on the Middle East and North Africa that is taking place in Jordan on April 6-7.
Ganope announced that the companies that have been awarded Red Sea 10 exploration blocks will have the right to sell its production shares locally or export it with the Ministry of Petroleum’s approval.
El Molla pointed out that the ministry’s commitment to secure an investment attractive climate will encourage big international oil companies (IOCs) to invest in Egypt.
Companies will have to submit their offers maximum by August 1st, 2019. Meanwhile, the designated agreement will have certain terms and conditions.
Saudi Aramco will carry out feasibility studies to determine the exploration possibilities in this area during the upcoming two years.
The bid round will be open for 10 exploration blocks in Egypt's territorial waters in the Red Sea
The results of geophysical data collection in the Red Sea, conducted by Schlumberger and Ganope, revealed gas discoveries probabilities exceeding 70% as per a seismic survey.
Shell Egypt is waiting for the bid round to be launched in order to study the possibility of bidding in it, based on studying data and information related to the concessions in the bid round.