The Ministry of Petroleum and Mineral Resources of Egypt has launched an offering for 10 oil exploration blocks over 30,000 km2 of exploration area in the Red Sea. Submissions can be sent until August 1st 2019 and a Production Sharing model will be applied. The tender will be led by the South Valley Egyptian Petroleum Holding Company (GANOPE). According to estimations, the Red Sea may contain up to 5 Gbl of undiscovered recoverable oil and up to 112,000 bcf (3,175 bcm) of natural gas.
To stimulate investments, several rounds of tenders for onshore and offshore oil and gas exploration concessions have been launched over the last years. A tender led by the Egyptian General Petroleum Corporation (EGPC) closed in October 2018 and offers are still under evaluation. 11 blocks were auctioned spread across the Gulf of Suez, the Western Desert and the Eastern Desert.
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