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Egypt will award new gas blocks to foreign companies in August as part of the latest concession bidding round that had attracted scores of bidders.
The concessions cover vast areas in North and Northeast Egypt as well as in offshore areas in the East Mediterranean, Egypt oil and gas group said this week.
The latest round involves 12 onshore and offshore concessions offered by the state-owned Egyptian Natural Gas Holding Company (EGAS).
“Significant market demand was seen for the recently-closed bidding round for strategic exploration blocks spanning the Mediterranean Sea, Gulf of Suez, and Western Desert,” the group said on its website.
“The bidding round aligns with Egypt’s trend to enhance hydrocarbon output and draw vital foreign investments..… the evaluation and award results for the latest bidding round are expected in August,” it added.
The recent concession sites, announced on the Ministry’s bidding gateway, have a total area of 26,500 square kilometres ( sq. km). Five of the 12 are offshore blocks in the Mediterranean with a combined area of about 13,000 square kilometres ( sq. km).
(Writing by Nadim Kawach; Editing by Anoop Menon)
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