Egypt extends deadline for Red Sea Offshore Bid Round till September

Red Sea

The South Valley Egyptian Petroleum Holding Company (Ganope) announced the extension of the closing date of its Offshore Red Sea Oil & Gas Exploration Bid Round till mid-September instead of August.

The Offshore Red Sea Bid Round (O.R.S.B.R 2019) includes ten (10) Exploration Blocks in the Economic Water of the Red Sea as shown in the map.

The new closing date for the submission of bids is Sunday 15th of September, 2019, 12:00 o’clock @noon Cairo time (GMT+2).

Interested Companies can review the technical data and purchase the Data Packages related to the Bid Round blocks upon their prior request and according to the relevant stated fees.

Under the production sharing agreement (PSA), bid winners will have the right to sell their share of production locally or export it globally after the Ministry of Petroleum’s approval.

The Minister of Petroleum, Tarek El-Molla previously expected increased exploration activities in the Red Sea after the maritime border demarcation with Saudi Arabia.

Last year, GANOPE inked two contracts with Schlumberger and TGS to conduct seismic surveys and gather data in the Red Sea and Upper Egypt, with investments of more than $750 million.

Source: Ministry of Petroleum