Egypt is expected to soon launch a new exploration bid round, offering additional onshore & offshore oil and gas tracts across the country.
The most recent exploration round is likely to include offshore blocks in the Mediterranean and Nile Delta, along with onshore tracts in the Western Desert and Eastern Desert, reports added.
In January, Egypt signed nine O&G exploration deals, worth more than $1 billion, with multiple domestic and international companies, involving acreages in the Mediterranean and Red seas.
Minister of Petroleum and Mineral Resources Tarek el Molla said that exploration deals have been inked with six companies to drill a total of 17 wells; ExxonMobil, Total, Shell and Chevron are some of the key players that were a part of the agreement.
The nine new deals inked by Egypt earlier this year are part of 12 new agreements that have been targeted since March last year with minimum investment pegged at $1.4 billion for drilling 23 wells, nine of them offshore the Mediterranean and three in the Red Sea.
While agreements for nine regions have been signed, three additional deals are presently under negotiation.
