Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) is preparing for a new tender for crude oil exploration at its concession areas before the end of 2017, CEO of the EGPC Abed Ezz El-Regal told Youm7.

This auction will be launched prior to finalising some technical regulations and obtaining the approval of different entities, Ezz El-Regal added.

Offering new areas for exploration in global bids is a step in raising and developing crude oil reserve and local output, the CEO highlighted.

Egypt’s Ministry of Petroleum and the EGPC had signed deals with the US’ Apache Corporation, US’ Apex International Energy, and Netherland’s Royal Dutch Shell, who won five areas in Egypt’s Western desert at a tender launched by EGPC.