Results of First International Digital Oil and Gas Bid Round in Egypt

Source: www.oilegypt.com 1/3/2022, Location: Africa

The Minister of Petroleum and Mineral Resources Tarek El Molla announced the results of the first digital global bid for oil and gas exploration and production in the Mediterranean, the Western Desert and the Gulf of Suez.

Eight blocks with a total area of about 12,300 square kilometers (two in the Mediterranean, 4 in the Western Desert and two in the Gulf of Suez) are awarded to to Eni, BP, Apex International, Energean Egypt, INA Naftaplin, Enap Sipetrol and United Energy.

The award includes a minimum investment of about $250 million for exploration, to drill a minimum of 33 wells, this is in addition to $23.7 million in signature grants.

El Molla indicated that, in light of the current global conditions related to the COVID, the bidding has achieved positive results that will attract more investments during the coming period.


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