Egypt accepts 6 oil & gas exploration bids worth $200m

Egypt accepts 6 oil & gas exploration bids worth $200m

Egypt has approved six bids for oil and gas exploration projects worth a total investment of US$200 million, the Egyptian Minister of Petroleum said on Friday.

Shell, BP, Apache Corp and Apex International Energy are among the companies to have had bids accepted.

The General Authority for Petroleum announced an international tender for 11 oil and natural gas blocks in the Western Desert and Gulf of Suez earlier this year. It is part of a programme which sees Egypt boost oil and gas production to meet growing energy demand.

The Ministry added that 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.