Egypt assigns 8 new areas for oil and gas exploration to international companies

Today, Monday, the Egyptian Oil Ministry announced the establishment of 8 areas for oil and gas exploration in the latest auction.

Tarek El Molla, Minister of Oil and Mineral Resources, announced the results of the first global digital offering for the exploration and exploitation of oil and gas in the Mediterranean, the Western Desert and the Gulf of Suez, previously announced by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company through the Egypt Exploration and Production Gateway Eight regions (two in the Mediterranean, four in the Western Desert and two in the Gulf of Suez) have been assigned to Eni, BP, Apex International, Energy Egypt, Ina Nafta, Siptrol and United Energy.

L’area total is estimated in approximately 12.3 thousand km2, with a minimum investment of 250 million dollars in the research periods, to drill a minimum of 33 wells, in addition to 23.7 million dollars in signature grants.

Al-Mulla indicated that, in light of the current global conditions linked to the Corona pandemic, this auction has achieved positive results that translate in an increase in investments in the next period.

The Egypt Exploration and Production Gateway has made it easier for international companies to view all geological and geophysical data for all regions, represented by approximately 42 three-dimensional seismic surveys, approximately 2894 two-dimensional seismic surveys and approximately 118 wells.