Egypt awards new oil exploration bids at $164.5m investments

Egypt awards new oil exploration bids at $164.5m investments
Egypt’s petroleum minister Tarek El-Molla

By: Ahmed Allam

Cairo – Mubasher: Egypt’s petroleum minister has announced the results of the Egyptian General Petroleum Corporation’s (EGPC) oil exploration bids with $164.5 million in investments at 39 wells.

The General Petroleum Company (GPC) has won a $5 million exploration tender in the West Amer area to drill 10 wells with $20 million in investments, Tarek El-Molla said in a press conference on Tuesday.

Meanwhile, Neptune Energy Egypt B.V. has been awarded an $11 million discovery at three wells with around $34.5 million in investments, El-Molla added.

Merlon Elfayum Company has won the North Beni Suef bid worth $2.3 million at eight wells with around $36 million in investments, the minister said.

Moreover, Shell Egypt has been awarded $24.7 million, $24.5 million, and $7.8 million exploration tenders in West Fayioum, South East Horus, and Abu Sinan, respectively, he indicated.

Additionally, IEOC Production BV won a $1.15 million exploration bid at four wells in the south-east Siwa area with investments worth $7.8 million.

The minister stressed that investments in these bids are likely to ramp up following the announcements of the exploration results.

 

Translated by: Mai Ezz El-Din