January 5, 2022

Egypt awards oil firms eight new areas for oil and gas exploration

Egypt has awarded eight oil and gas exploration concession areas in the Mediterranean, Western Desert, and the Gulf of Suez to international oil companies.

The areas were awarded to Eni, BP, Apex International, Energean Egypt, INA Naftaplin, Enap Sipetrol and United Energy.

The award includes a minimum investment in research periods estimated at about $250 million to drill a minimum of 33 wells, in addition to $23.7 million in signature grants.

The total area of the eight blocks is around 12,300 square kilometers, including two in the Mediterranean, four in the Western Desert, and two in the Gulf of Suez, Minister of Petroleum and Mineral Resources, Tarek El Molla, said.

In light of the current global conditions due to the pandemic, the auction is a boost for future investment, El Molla added.


Categories : oil and gas

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