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Egypt to Issue Global Oil Exploration Tender

Egypt to Issue Global Oil Exploration TenderEgypt to Issue Global Oil Exploration Tender

Egypt’s Petroleum Ministry is in the process of issuing a global tender before the end of this year to explore petroleum wealth, including in the Red Sea.

The tender notice will be published for the exploration of petroleum products in oil reserves, including new sectors in the Red Sea, minister Tarek el-Molla was quoted by Arab News as saying.

Molla surveyed on Saturday the geophysical data collection process from Egypt's economic zone in the Red Sea.

The project is being implemented by an alliance between “Western Gecko—Schlumberger” and "TGS," with a total investment of $750 million.

The minister emphasized the project's importance in attracting global companies to conduct drilling operations and make new discoveries.

"South Valley Egyptian Holding Company would be enabled to offer international bids for oil exploration in Egypt's economic waters in the Red Sea, something that was not possible without the demarcation of the maritime border with Saudi Arabia," he clarified.

Molla stated that the companies have collected 95% of the data outlined in the project's plan and around 9,500 kilometers have been covered so far.

 

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