Egypt to Launch New Oil Exploration Round Next Week

Reuters

CAIRO, April 19 (Reuters) - Egypt plans to launch a new oil exploration round next week, offering 11 blocks in the Western desert and the Gulf of Suez, Petroleum Minister Tarek al-Molla said on Tuesday.

He said that Egypt also plans to launch two gas exploration rounds this year.

Egypt, which used to be a net energy exporter, has become a net importer in recent years as consumption has increased while production has fallen.

The government has been on a drive to lure back foreign investors to its energy sector in an effort to address a squeeze on public finances.

Egypt owes about $3 billion to international oil companies for oil and gas they have supplied.

Attracting exploration investment has become increasingly difficult as global oil prices have tumbled over the past two years, though a huge gas find by Italy's Eni off the Mediterranean coast in August has reinvigorated interest in offshore Egypt.

(Reporting by Ehab Farouk; Writing by Lin Noueihed; Editing by David Goodman)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Project Management
Location: Houston, TX
 
GIS Intern Job
Expertise: Cartography / Mapping|Landman|Modeling
Location: Eau Claire, WI
 
Mechanical Quality Assurance (QA) Specialist
Expertise: QA / QC / Inspection|Regulatory Compliance
Location: Anchorage, AK
 
search for more jobs

Brent Crude Oil : $53/BBL 1.72%
Light Crude Oil : $49.77/BBL 2.27%
Natural Gas : $3.6/MMBtu 1.09%
Updated in last 24 hours