Egypt to Offer 24 Blocks in New Bid Round
Egypt announced on 18th of February the start of a bid round for exploration and exploitation of oil and natural gas in 24 blocks. The blocks on offer will be under the auspices of two of three of its state firms – the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS), according to a statement released on the Ministry of Petroleum website.
This latest bid round from the North African country will include blocks in the Gulf of Suez, the Mediterranean Sea, and the Western Desert, according to the Ministry. The round will conclude on August 1.
Minister of Petroleum and Mineral Resources, Tarek El Molla, also announced the launch of the Egyptian Upstream Gateway (EUG), a digital portal that will provide geological data for companies interested in investing in the country. This project is in coordination with oil services heavyweight Schlumberger.
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