The Ministry of Petroleum and Mineral Resources intends to put forward a global bid to explore the oil resources of the Red Sea in the first quarter of 2018, in light of the results of 2D and 3D seismic surveys currently being conducted in the Red Sea.
According to ministry sources, companies currently conducting surveys will be designated for several areas in the Red Sea, and the results will be sold to companies wishing to examine these results in preparation for participation in the bid that will be offered by the middle of next year.
The Egyptian Holding Company for Natural Gas (EGAS) announced granting four international companies permission to explore for oil and gas in four sectors of the Mediterranean.
There are minimal investments of $306m and signing grants of $10.5m to dig eight wells and conduct three-dimensional seismic surveys.
According to EGAS, the winning companies include BP and Eni, a subsidiary of IEOC alliance, to explore sector four in North Ras El Esh. Moreover, the IEOC, BP, and Total alliance were awarded sector seven, north of Hamad. Italy’s Edison was awarded sector 12, while BP was awarded sector 14.