The Egyptian Government has awarded five oil and gas concessions in an effort to promote foreign investments in the energy sector while intensifying oil and gas exploration.
In 2014, Ganoub El Wadi Petroleum, one of the five main entities of Egyptian Petroleum Ministry, initiated an international bid to explore ten areas in the Gulf of Suez, the Eastern Desert, and east and west of the Nile for potential oil and gas reserves.
The move forms part of the country’s plan to improve its local production to address its energy crises.
Ganoub received seven offers to explore five sites, which cover an area of approximately 23,200km2, reported Daily News Egypt?.
The selected companies are expected to invest a total of at least $100m in exploration program.
A joint venture between Emirati firm Pacific Petroleum and Malaysia’s Hibiscus Petroleum have been selected for Southeast Ras el-Ush concession in the Gulf of Suez. It will invest at least $68m.
Egyptian Trident Petroleum will explore the site located north-west of the Suez Gulf with an investment of at least $4.5m, while Magawish Petroleum will invest $23.5m to explore the site located in the north zone of the Suez Gulf.
A consortium of IPR and Mediterra Energy were awarded two sites in Kom Ombo.