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El Molla: Egypt to hold oil exploration tender in H2 2018

05.03.2018

Egypt will launch international tenders for oil exploration in the second half of 2018, petroleum minister Tarek El-Molla said.

El-Molla added that Egypt is also planning to partner with new companies in H2-19, according to Al-Ahram Newspaper.

The North African state has been able to contract with global firms for oil exploration in new areas on the back of border demarcation in the Red Sea, the minister highlighted.

Several foreign companies have submitted offers to conduct searches and discoveries in new areas in the Arab world’s most populous country, following the discovery of the supergiant offshore Zohr gas field, he noted.

“The Egyptian oil sector has started to settle after the 30th June Revolution in spite of the unstable scene the country witnessed after the 25th January Revolution,” he continued.

Last month, Egyptian Natural Gas Holding Co (EGAS) announced its plans to launch gas exploration and production tenders for 11 onshore and offshore areas ahead of June 2018.

Egypt is expected to boost natural gas production by a billion cubic feet per day (bcfd) to reach 6.2 bcfd by the end of fiscal year 2017/2018.

Egypt aims at accelerating production from recently discovered fields, hoping to phase out gas import by 2019 and achieve self-sufficiency.

(Source: Mubasher)