Egypt launches international bidding for oil exploration

Egypt launches international bidding for oil exploration

Egypt announced it opened an international bidding round for exploration in 23 open blocks, the Ministry of Petroleum announced.

The deadline is set for February 25. The round includes ten areas in Egypt’s Western Desert, two in the Eastern Desert, seven in the Gulf of Suez, and four in the Red Sea, the ministry said.

Last August, the petroleum ministry announced a new oil discovery by Egypt’s Cheiron in the Geisum and Tawila West Concession in the Gulf of Suez.

The new discovery is currently producing more than 2,500 barrels a day, according to the ministry.

Egypt is planning a resumption of liquefied natural gas exports by October at the start of autumn, as most of Egypt’s production is consumed domestically in the summer when temperatures are high, according to Egypt’s petroleum minister.

Egypt’s strategic goal is to position itself as a regional energy hub, ideally located to supply LNG to the Middle East, Africa, and Europe.

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