Egypt to issue global tender to explore oil in Red Sea

CAIRO: Egypt’s Petroleum Ministry is in the process of issuing a global tender before the end of this year to explore petroleum wealth, including in the Red Sea.

The tender notice will be published for the exploration of petroleum products in oil reserves, including new sectors in the Red Sea, minister Tarek el-Molla was quoted by Egypt Today as saying.

 

Molla surveyed on Saturday the geophysical data collection process from Egypt's economic zone in the Red Sea.

The project is being implemented by an alliance between “Western Gecko – Schlumberger” and "TGS," with total investment worth $750 million.

The minister emphasized the project's importance in attracting global companies to carry drilling operations and make new discoveries.

South Valley Egyptian Holding Company would be enabled to offer international bids for oil exploration in Egypt's economic waters in the Red Sea, something

that was not possible without the demarcation of the maritime border with the Kingdom of Saudi Arabia, Molla clarified.

He stated that the companies have collected 95 percent of the data that was outlined in the project's plan and around 9,500 kilometers have been covered so far.