Gulf Oil and Gas accountACCOUNT

Egypt Accepts Six Bids for Oil and Gas Exploration

Source: Reuters 12/2/2016, Location: Africa

Egypt has accepted six bids for oil and gas exploration worth a total investment of up to $200 million, the Ministry of Petroleum said.

In May, the General Authority for Petroleum announced an international tender for 11 oil and natural gas blocks in the Western Desert and Gulf of Suez as Egypt looks to boost oil and gas production to meet growing energy demand.

Royal Dutch Shell, BP, Apache Corp and Apex International Energy are among the companies involved, the ministry said in a statement.

It said BP would invest at least $46 million, Apache at least $60.6 million and Shell at least $35.5 million.

Apex said it had been awarded two blocks covering 6,714 square km in the Western Desert.

Apex is "committed to invest $27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells," it said in a news release.

The Egyptian government has been on a drive to draw foreign investors back to its energy sector in an effort to boost its squeezed public finances. Egypt owes about $3 billion to international oil companies for oil and gas they have supplied.

Acquisitions and Divestitures News in Egypt >>

Brazil >>  8/5/2020 - Petrobras, following up on the release disclosed on 01/03/2020, informs that it signed with Centro Oeste Óleo e Gás Ltda. an agreement for the sale of...
Nigeria >>  8/4/2020 - Canadian Overseas Petroleum Limited ("COPL"), an international oil and gas exploration and development company focused on offshore Africa, is pleased ...

Bangladesh >>  8/3/2020 - United Oil & Gas PLC ("UOG"), the high growth oil and gas company with a portfolio of production, development and exploration and appraisal assets is...
Brazil >>  8/3/2020 - Petrobras, following up on the press release disclosed on July 3, 2020, informs the beginning of the non-binding phase regarding the sale of its wholl...

Brazil >>  8/3/2020 - Petro Rio SA, informs its shareholders and the market in general that, in addition the Material Fact of February 3, 2020, the National Petroleum Agenc...
Denmark >>  8/3/2020 - European Energy A/S has signed an agreement for the sale of Solar Park Hanstholmvej in Denmark with a total capacity of approximately 50 MW. The buyer...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.