Ganoub El-Wadi Petroleum Holding Company (GANOPE) is negotiating with five companies on collecting geophysical data in open areas in the company’s business scope at a value of $1bn.
Osama Farouk, vice chairperson for agreements and exploration at GANOPE, said that the value of the offers received by the company is estimated at $758m. The value has increased to $1bn, and two offers to collect data are expected to be merged.
The company is negotiating with PGS, CGG, KGS, Schlumberger, and Nageco companies. Discussions with them are being held every day about the offered data and technology.
He noted that GANOPE followed the Gulf of Mexico’s experience in data collection, which includes submission of proposals presented by the companies to study them, negotiating the convergent offers, and the possibility of awarding two or more bids to the competing companies.
He explained that the company has succeeded to raise the value of the data collection to roughly $1bn, and then offers will be studied and awarded to the winning companies within two months.
Tarek El Molla, Minister of Petroleum and Mineral Wealth, said that the ministry is seeking to create an attractive investment climate and turn challenges into opportunities to contribute to the increase of investments in the Egyptian petroleum industry.
The ministry aims to provide opportunities for global companies in research and exploration of oil and gas operations in various regions in Egypt’s petroleum industry, accelerate the development of field discovery works, and increase Egypt’s production of oil and gas to secure its needs.
He stated that the ministry’s plan coincides with the comprehensive reform programme witnessed by all sectors of the state to create an investment climate.
He pointed out that the work programme implemented by the Ministry of Petroleum for the development of Egypt’s resources of oil and gas was based on several important themes, including intensifying the global launch of bids annually and increasing the number of petroleum agreements, which is the cornerstone to achieve new discoveries.
El Molla said that the ministry is looking forward to achieve further progress and expansion in the Egyptian petrochemical industry, which has seen a quantum leap in the past year. The ministry also targets to open two large complexes for the petrochemical industry in Alexandria and Damietta with an investment worth $4m, and to support many of the industrial petrochemicals projects and institutions.
