Egypt’s Ministry of Petroleum and Mineral Resources has offered 10 offshore blocks in the Red Sea to interested oil and gas companies.
In a statement on Sunday, Ganope, entity of the ministry charged with managing and stewardship of all aspects related to petroleum activities of the Red Sea said the blocks are being offered “ for the first time, within the context of the Ministry of Petroleum’s strategy to achieve the optimum economic utilization of all potentials and natural resources to contribute to the sustainable development of Egypt.“
The interested companies have been given until August 1, 2019, at 12:00 pm, Cairo local time, to submit their bids, said Ganope, an entity established by Egyptian Petroleum Ministry to manage and supervise all petroleum activities under latitude line 28º. Each of the ten blocks on offer is around 3000 square kilometers big.
Interested companies will need to have documents proving the company’s previous exploration experience and activities all over the world including development projects, petroleum production, reserves and latest used technology supplemented by the company’s Annual Report.
As for the commercial parameters, Egypt plans to apply the Production Sharing model based on production rates.
Offshore Energy Today Staff