Ganoub El Wadi announces int’l tender for oil, gas exploration Red Sea

11 Mar 2019

Cairo: Ganoub El Wadi Petroleum Holding Co. announced Sunday an international tender for oil and gas exploration in 10 sectors in the Red sea.

In an announcement published in local newspapers, the company set the deadline for receiving offers on August 1, 2019.

Minister of Petroleum Tarek el-Molla announced earlier that Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year.

Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt's gas production amounts to around 6,400 million cubic feet per day.

Previously, an official source at the Petroleum Authority said that the volume of joint foreign investments that were pumped during 2018 in the petroleum sector recorded $5.7 billion.

The source clarified that $3.2 billion were invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.

Also, an official source at the Petroleum Authority said that seven agreements were signed to explore petrol and gas with minimum investments of $162 million during 2017/2018.

The source elaborated that procedures of 10 new agreements were completed during July and August 2018, noting that 19 contracts were signed to develop the discovered fields until August 2018 in order to support the targeted plans to increase the production of petrol and gas.

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