Ministry of Petroleum to offer New Exploration Tenders
Minister of Petroleum Tarek El Molla announced on July 31 that the ministry is planning to increase investment opportunities for oil and gas exploration by offering new tenders for exploration in the Red Sea and West Mediterranean areas, Egypt Independent reported.
Molla stated that the ministry will offer an international exploration tender for the Red Sea depending on the results of an upcoming seismic survey project slated to take place in December 2018.
The seismic survey, being conducted by WesternGeco Schlumberger, aims at identifying non-exploratory oil and gas areas and find new geological layers in current production areas at the Gulf of Suez.
Molla also announced that the ministry signed a Memorandum of Understanding with global companies for the establishment of a digital information bank and investment map, also aiming to increase investment opportunities for oil and gas research and exploration.