Egypt to launch international bids for oil exploration in 2018

Egypt oil BidEgypt hopes to achieve self-sufficiency in natural gas through these bids. (Image source: Jeff Warren/Flickr)Egypt will start international bids for oil and gas explorations in various areas on the Red Sea after finishing seismic survey before the end of Q1 2018, said Tarek al-Mulla, minister of petroleum and mineral resources in Egypt

In a statement, he said that with the proposed bid, Egypt is expected to achieve self-reliance in natural gas by developing discovered natural gas fields throughout the country.

According to Egypt Independent, these projects include the development of the Zohr field’s first phase in the deep waters of the Mediterranean Sea, the second phase of the north Alexandria and west Mediterranean Sea fields, Atoll gas field in north Damietta, Noras field in the shallow waters of the Nile Delta and concluding the natural gas exploration project in the north Damietta area.

The minister said that the government will help in operating the Egyptian Refining Company’s project in the Mostorod area and to complete the second phase of the expansion project of the MIDOR refinery in Alexandria, the source reported.

The source further reported that the minister also promised to complete new projects currently being implemented by the Alexandria National Refining and Petrochemicals Company for high octane gasoline production which will meet domestic demand.

He also mentioned that 12 new oil agreements are underway with a total investment of around US$433mn, in addition to other agreements that will result from the proposed bids.

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