From the Field

Egypt launches Red Sea bid round

Egypt

CAIRO, March 11, 2019 – Egypt’s Ministry of Petroleum on Sunday announced a new oil and gas licensing round for 10 offshore blocks in the country’s Red Sea Waters.

The deadline for bids is August 1, 2019, and the round will be managed by South Valley Egyptian Petroleum Holding Company, an entity of the ministry. Licences will take the form of PSAs.

Technical data on the blocks was made available on Sunday. The blocks range from Red Sea B1 to Red Sea B10 and are each slightly over 3,000 square kilometres.

In related news, the country saw its highest-ever production of crude oil and natural gas in February, reaching 1.8 million boepd.