Egypt has awarded five oil and gas concessions that are expected to bring in minimum total investments of about $100 million, the oil ministry said in a statement on Aug. 3, as the country seeks to boost investment in the key energy sector.
Egypt has gone from exporting energy to being a net energy importer and wants to boost local production to help the country cope with its worst energy crisis in decades.
A consortium of the Emirati firm Pacific and Malaysia's Hibiscus Petroleum will explore in the 68 square kilometre (26 square mile) Southeast Ras el-Ush concession in the Gulf of Suez, with a minimum investment of $68 million, the statement said.
Elsewhere Kieron Megawish will explore in the 194 square kilometre North Megawish concession in the Gulf of Suez, with a minimum investment of $23 million, the oil ministry statement said.
Three other concessions were awarded with minimum investments of $7 million, the statement said.
State-owned Ganoub El Wadi Petroleum Holding Co (Ganope) had opened bidding at the end of 2014 on 10 concessions in the Gulf of Suez, Eastern Desert and west and east of the Nile in the areas of al-Naqra and Kom Ombo.
Recommended Reading
NOG Closes Utica Shale, Delaware Basin Acquisitions
2024-02-05 - Northern Oil and Gas’ Utica deal marks the entry of the non-op E&P in the shale play while it’s Delaware Basin acquisition extends its footprint in the Permian.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
2024-02-07 - The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
DXP Enterprises Buys Water Service Company Kappe Associates
2024-02-06 - DXP Enterprise’s purchase of Kappe, a water and wastewater company, adds scale to DXP’s national water management profile.
Pioneer Natural Resources Shareholders Approve $60B Exxon Merger
2024-02-07 - Pioneer Natural Resources shareholders voted at a special meeting to approve a merger with Exxon Mobil, although the deal remains under federal scrutiny.
Parker Wellbore, TDE Partner to ‘Revolutionize’ Well Drilling
2024-03-13 - Parker Wellbore and TDE are offering what they call the industry’s first downhole high power, high bandwidth data highway.