Egypt: Petroelum Ministry completes bid evaluation for 7 oil, gas areas
Arab Finance: The Ministry of Petroleum and Mineral Resources has completed the evaluation of bids for seven new oil and gas exploration and production areas, offered through the Egypt Upstream Gateway (EUG), as per a statement.
The agreements will bring in new investments and include the drilling of at least 17 exploratory wells, as part of the ministry's ongoing strategy to attract investment and boost production.
The awarded areas fall under the Egyptian General Petroleum Corporation (EGPC). Cheiron has been awarded the North Sitra and East Sidi Barrani areas, where it plans to drill four exploratory wells.
Apache won the West Knais K block in the Western Desert and is expected to drill several wells to support development work aimed at increasing production under an integrated agreement.
Pharos Energy secured the South Abu Senan area, and will drill three wells. IPR Energy Group has been granted the South Wadi El Rayan block, with a commitment to drill three wells.
Meanwhile, a consortium of NPC and GHP has been awarded the G and HNW blocks in the mature fields operated by the GPC, with plans to drill seven wells in total to enhance output.
The ministry also announced that four new offshore blocks in the Mediterranean Sea, offered through a bid by the Egyptian Natural Gas Holding Company (EGAS), are expected to be awarded soon, with evaluations currently underway.
To continue expanding investment opportunities, the EUG is currently offering several undeveloped offshore fields in the Mediterranean, along with new exploration blocks in the Western Desert and the Gulf of Suez.
The bidding round for these blocks will close on July 2nd, 2025, and results will be announced following the evaluation of submitted bids.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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