Egypt to launch new bid round for oil blocks this year, says minister

14 Nov 2017

Egypt’s General Authority for Petroleum (EGPC) plans to open a new bid round for onshore oil blocks, as the North African’s country seeks to lower energy imports and return to being an oil and gas exporter, the country’s oil minister said.

“EGPC’s onshore bid round will be before year end, nine to ten blocks will be offered from the Western desert and Eastern blocks,” Tarek El Molla said at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.

Egypt had become an energy importer in the last few years amid plunging oil and gas production and an uptick in consumption.

Last year it held two oil bid rounds as part of efforts to ramp up production and return to self-sufficiency.

thenational

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