Egypt awards eight oil and gas prospection contracts

oilwell egypt-QR9iudjz0 sxc optThe winning companies will pay US$73.2mn for the licences. (Image source: QR9iudjz0/sxc.hu)Egypt has awarded contracts in eight oil and gas prospection projects for a total minimum investment of US$1.2bn off its Mediterranean coast

A statement from the Ministry of Petroleum said the awards were the result of an international tender which received 13 offers from domestic and foreign companies.

The ministry added that the winning companies would pay US$73.2mn for the licences.

The firms include BP, Petroceltic International, Edison, Sea Dragon, Dana Gas, International Egyptian Oil Company, a subsidiary of Italian oil firm ENI and Pura Vida Energy.

Last year, Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) postponed the closing date by three months for international companies to bid on 15 concessions due to weak interest in the tender.

EGAS has now announced the June bidding for the exploration blocks in the Mediterranean and Nile Delta basins.

 

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