EGPC: Four Companies Eye Oil, Gas Bid Round for 11 Concessions

According to the Egyptian General Petroleum Corporation (EGPC), US companies Apache, and EOS Petro, Greek Aegean, and a Chilean firm eye exploration and production (E&P) bid rounds for 11 concessions in Egypt at the Gulf of Suez and in Eastern Desert, informed Al-Mal News.

To date, none of the mentioned companies presented an offer to EGPC, even though the tender has been running for two months and is it to be closed by the end of August.

The estimated bid price varies according to the concession areas, yet the basic ones range from $58,000 to $268,000, in addition to not less than $2m for each extra tender.

The EGPC is ready to prolong the period of the bid round upon companies’ requests, whereas the companies are likely to present their tenders at the last minute to avoid leakage.