Egypt announces new oil exploration

oil exploration DEMOSH flickrEgypt will launch international bids for oil exploration in 11 blocks. (Image Source: DEMOSH/Flickr)The Egyptian petroleum minister Tarek al-Molla has announced plans to launch a new round of oil exploration

This round will offer 11 blocks in the Western desert and the Gulf of Suez. He said that Egypt also plans to launch two gas exploration rounds this year.

The minister has also announced that Egypt will launch international bids for oil exploration in 11 blocks in the Western Desert and the Gulf of Suez before the end of April. The ministry will provide international bids for gas exploration in 2016.

From its previous position as a net exporter of natural gas, as a result of rising consumption and falling production, Egypt has now become a net importer. At the end of March this year, the country owed around US$3.2bn to oil firms, according to a Reuters report.

The government is seeking to attract investments in the energy sector to revive the economy.

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