Data sold to companies in the most recent bidding round by Ganoub El Wadi Petroleum Holding Company has reached $600,000 an official at the company told Daily News Egypt Monday.
During the Energy and Future of Investment in Egypt conference, the official further stated that he expects this figure to be up to $11m to $12m by the end of 2015.
The most recent bidding round included eight zones, wherein data for four zones was purchased. All the zones are offshore locations in the Gulf of Suez.
The official noted that the purchasing companies included Gaz De France, Mediterra, IPG and Pacific.
The companies purchased the data to conduct their studies and make their offers to operate in these zones.
The bidding round will be finalised by the end of May, the official said.
Ganoub El Wadi is one of the five main entities that operate in the oil and gas sector in Egypt. The other four entities include the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), the Egyptian Petrochemical Holding Company (ECHEM) and the Egyptian Mineral Resources Authority (EMRA).