Egypt to launch 2 international bids for oil, gas exploration

Egypt will launch two international bid rounds for oil and gas exploration this year, covering a total of 27 concession areas, the petroleum ministry said in a statement on Monday.

One bid round will cover 16 concession areas, mostly in the Mediterranean Sea, under state buyer Egyptian Natural Gas Holding Co. (EGAS), in its largest bid round since 2001.

The other round will cover 11 concession areas, under the Egyptian General Petroleum Corp (EGPC). The areas are mainly in the Western Desert, Nile Valley and Gulf of Suez, the statement website said.

The bid rounds are expected to boost petroleum search and exploration activities in these areas, which would support national reserves, and the oil and gas production in the coming years, Egyptian petroleum minister Tarek El-Molla said.