Egypt to Issue New Bid Rounds Soon

 

Platform 1

Tarek El Molla, Egypt Minister of Petroleum and Mineral Resources, said that the ministry plans to issue several bid rounds for exploration throughout the year, by EGAS, EGPC, and Ganope, reported Egypt Oil & Gas.

El Molla added, in a press conference, that the ministry of petroleum managed to satisfy the needs of the electricity sector during the previous period through importing shipments of liquid natural gas.

He added that petroleum sector will continue to import natural gas for the coming 5 years to meet the needs of electricity, and the local market. The decision comes based on the ministry of electricity’s new plan to avoid cutting off power.

El Molla explained that Egypt contracted 3 Fuel Storage & Regasification ships (FSRU) to import LNG into the country, 2 of which have arrived.

The minister signaled that petroleum sector will continue focusing on fields development to increase oil and natural gas production in attempt to reduce import costs.

Egypt is experiencing the worst energy crisis in decades due to the continuing decline in gas production, even as consumption rises. The country is optimistic that new discoveries by oil giants BP and Eni will increase its production.