Egypt to offer 27 concessions in 2 bid rounds for oil & gas exploration

Egypt will launch two international bid rounds for oil and gas exploration in 2018, the petroleum ministry said in a statement on Monday.

One bid round will cover 16 concession areas, mostly in the Mediterranean Sea, under state buyer EGAS, in its largest ever bid round.

The other auction will cover 11 concession areas under the Egyptian General Petroleum Corp (EGPC), the statement said.

The EGAS bid round is set to be the largest since its founding in 2001.

EGPC’s tender will be for 11 concessions areas, including five in the Western Desert, two in the Nile Delta, three in the Gulf of Suez, and one in the Eastern Desert. Meanwhile, EGAS’s tender includes 13 concessions in the Mediterranean Sea and three concessions in the onshore Nile Delta region.

Source: Reuters