(AFP File Photo)
Ganoub El-Wadi Petroleum Holding Company (Ganope) has put out an international bid for oil and gas exploration in 20 areas across Egypt in August, said Mostafa Safwat, Chairman of Ganope’s Board of Directors.
Approval is currently being sought across various government agencies regarding which areas will be included in the bid. The process was to be held earlier this month, but was delayed as state-owned Egyptian Natural Gas Holding Company (EGAS) opened room for presentations on tenders at the end of June.
The bid will include areas in the Gulf of Suez, the Red Sea, the Eastern desert, and the Western Sahara, and will include deep-water areas, according to Safwat.
He pointed out that bids will be open to submission for a period of 4 months, to give international companies time to prepare their presentations and understand the conditions.
Safwat expects there to be a large contingent of international oil companies that will bid due to the desire to expand areas of exploration. The advancement of technology will allow some companies to extract gas and oil from deeper layers of the ground in various regions.
He pointed out that the government’s decision to re-price gas, which it obtains from foreign partners, will have a positive impact on investment in the sector. Safwat also added that it will positively increase rates of oil and gas production, through the implementation of the plans agreed upon during the current fiscal year.
He added the company is seeking to increase foreign investment in research and exploration in southern Egypt, to raise the rates of the company’s production of oil and natural gas.
