IOCs scoop up new prospects in Egypt bid round
CAIRO, February 13, 2019 – Egypt’s minister of petroleum and mineral resources, Tarek El Molla, revealed how new bid round terms had helped attract IOCs to Egypt’s largest bid round when he announced the winners on Tuesday at the Egypt Petroleum Show (EGYPS).
The 2018 bid rounds included 27 onshore and offshore blocks in the Mediterranean, Western Desert, Eastern Desert, Gulf of Suez and Sinai. Shell took five blocks and ExxonMobil its first block in Egypt.
Osama El Bakly, head of Egyptian Natural Gas Holding Company (EGAS), announced that 20 wells will now be drilled in the gas-prone areas of the Mediterranean and onshore around Alexandria. The gas blocks went to Shell, ExxonMobil, Petronas, BP, DEA and Eni.
The EGPC tender saw contracts awarded to Shell, Eni, Merlon, Neptune Energy, EGPC, Petronas, BP, Dea, BG, Petronal and IEOC Production.
The winners will now invest USD 750 million-850 million in the early stages of exploration.