Egypt awards five oil and gas concessions worth $100 mln
Minister of Petroleum Sherif Ismail - YOUM7 (Archive)
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CAIRO: Egypt has awarded five oil and gas concessions that are expected to bring in minimum total investments of about $100 million, the oil ministry said in a statement on Monday, as the country seeks to boost investment in the key energy sector.

Egypt has gone from exporting energy to being a net energy importer and wants to boost local production to help the country cope with its worst energy crisis in decades.

A consortium of the Emirati firm Pacific and Malaysia’s Hibiscus Petroleum will explore in the 68 square kilometre (26 square mile) Southeast Ras el-Ush concession in the Gulf of Suez, with a minimum investment of $68 million, the statement said.

Elsewhere Kieron Megawish will explore in the 194 square kilometre North Megawish concession in the Gulf of Suez, with a minimum investment of $23 million, the oil ministry statement said.

Three other concessions were awarded with minimum investments of $7 million, the statement said.

State-owned Ganoub El Wadi Petroleum Holding Co (Ganope) had opened bidding at the end of 2014 on 10 concessions in the Gulf of Suez, Eastern Desert and west and east of the Nile in the areas of al-Naqra and Kom Ombo.

 

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