Egypts General Petroleum Corporation (EGPC) and the Natural Gas Holding Company (EGAS) have commenced the auctioning of 22 oil and gas concessions, spread across the north African nation
According to Daily News Egypt, the state-owned firms said the concessions are for areas in the Suez Canal, Egypt's Western Desert, the Mediterranean Sea and the Nile Delta. The concessions will be awarded in the form of production sharing agreements.
The auction is expected to end on 19 May 2014.
An Oil Ministry spokesperson said the time was sufficient for companies to prepare their offers, but revealed no further details.
Egypt, meanwhile, has started repaying some of its debt to foreign oil companies, which had crossed over US$6bn in 2013.
In 2013, Egypt's cabinet approved seven new oil and gas exploration agreements designed to bring in investments of at least US$1.2bn into the sector. The firms which have agreed to invest in the country’s hydrocarbons industry include BP, Dana Gas Emirati and Petroceltic International.
Earlier this month, Egyptian oil minister Sherif Ismail signed two new gas and oil exploration agreements with Dana Petroleum, which would invest about US$24mn in Egypt's western desert.
Dana Petroleum, a subsidiary of state-run Korea National Oil Corporation, has a portfolio of 17 development leases in Egypt, producing about 12,000 bpd of crude.
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