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Egypt awards oil, gas exploration deals worth USD187m

20 Sep 2014

(MENAFN) The Egyptian Petroleum Minister said his country has signed oil and gas exploration deals worth USD187 million with some Western companies and a Tunisian firm, Arab News reported.

The agreements cover 7 exploration areas. Germany’s RWE won 2 exploration blocks in the Gulf of Suez, while Tunisia’s HBSI, Canada’s TransGlobe and Italy’s Edison secured 5 blocks in the western desert.

In December, Egypt’s General Petroleum Corporation (EGPC) and Natural Gas Holding Company (EGAS) announced an international auction for oil and gas exploration concessions.

Exploration companies have been hesitant to develop untapped gas finds in Egyptian waters partly because the amount the government pays them barely covers their investment costs.

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