Petroleum Ministry calls on international companies for seismic mapping of Red Sea

logoThe Petroleum Ministry will ask international firms to start seismic mapping of the Red Sea area to increase the attractiveness of investments in the region, Chairman of Ganope, Ganoub El Wadi Petroleum Holding Company, Sherif Sousa told Al Masry Al Youm.

Under Egypt’s new system for issuing E&P tenders that target “technologically advanced” companies, Egypt will be entitled to billions of dollars worth of research at no cost, he said. The move follows an announcement by the Saudi cabinet to hold talks with Egypt over a potential MoU on extracting natural resources from the Red Sea.

(Source: Enterprise.press)

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