Egypt planning for new exploration bid rounds in West Mediterranean, Red Sea
Minister of Petroleum and Mineral Resources Tarek el-Molla announced on Tuesday that the ministry is looking to increase investment opportunities in the field of oil and gas exploration, through offering tenders on new exploratory areas in the Red Sea and West of the Mediterranean.
Molla asserted during a work meeting on attracting the investments that the ministry will offer international tender for oil and gas exploration in the Red Sea area according to results of the upcoming seismic survey project in December 2018.
The project is implemented by global oil company WesternGeco Schlumberger, aiming to identify non-exploratory oil and gas areas and find new geological layers in current production areas at the Gulf of Suez.
Molla also announced that the ministry signed four Memorandum of Understandings with global companies to establish a digital information bank and new investment map, aiming to increase investment opportunities in field of oil/gas research and exploration.
(Source: Egypt Independent)