The Egyptian Ministry of Petroleum and Mineral Resources has announced to offer an oil exploration bid for the oil resources of the Red Sea in Q1 2018
The announcement comes in light of the results of 2D and 3D seismic surveys which are presently being conducted in the Red Sea, as reported by Egypt’s Daily News.
The companies currently conducting surveys are considered to be designated for several areas in the Red Sea, said the source.
The result is expected to be sold to companies that intend to examine them during preparing for the participation in the bid. According to the source, the bid is planned to be offered by the middle of next year.
The Egyptian Holding Company for Natural Gas (EGAS), which owns and manages state stakes in different gas projects, has granted permission to four international companies to explore oil and gas in four sectors of the Mediterranean.
According to the source, there are minimal investments of US$306mn and signing grants of US$10.5mn to dig eight wells and conduct three-dimensional seismic surveys.
The winning companies include BP and Eni, a subsidiary of IEOC alliance, to explore sector four in North Ras El Esh, said EGAS. In addition, the IEOC, BP and Total alliance were awarded sector seven and north of Hamad.
Italy’s Edison was awarded sector 12, with BP being awarded sector 14, EGAS further added.
