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11
2022
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07
Egypt plans to offer 28 blocks to international oil and gas companies in coming weeks
According to a report by World Oil & Gas Bidding News in Houston on May 4, Egyptian Minister of Petroleum and Mineral Resources Mora said at the 2016 Offshore Technology Conference (OTC) held in Houston on the 3rd that thanks to the offshore ancestors located in the Shorouk lease area Egypt intends to hold an international tender soon to offer 28 blocks to foreign oil and gas companies, following the recent success of its natural gas project.
"We will have a new round of tenders for 28 blocks in the next few weeks," Mora said at the meeting. Mora told Rigzone reporters who interviewed him after the meeting that the 28 blocks are located in the Gulf of Suez, Red Sea, Western Desert, Eastern Desert and Mediterranean Desert.
Egypt has signed 66 deals for new upstream oil and gas blocks in the past two and a half years, securing a minimum investment of $14 billion.
Egypt, now the world's 15th-largest gas producer and 16th-largest holder of natural gas reserves, is also revising its domestic gas laws as part of a substantial overhaul of its natural gas sector. The proposed gas law, which calls for the creation of an independent regulator, is now awaiting parliamentary approval.
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