Egypt's demarcation of border with Saudi Arabia attracted 3 companies to explore in Red Sea: Min.

CAIRO - 20 March 2022: The Egyptian Minister of Petroleum, Tarek El Molla, affirmed the Egyptian state's interest in the Red Sea region, which is a promising area with great opportunities for oil and gas exploration, which prompted the state to take serious steps to expedite its search and exploration operations in that pristine region.

 

El-Molla said, in a statement, Sunday, that the first international bid was launched to search for oil and gas in that region after demarcating the maritime borders with Saudi Arabia, which resulted in attracting 3 international oil companies, Chevron, Shell and Mubadala, and signing 3 agreements with them to work in that region.

 

He added that these developments came as a reflection of the success of the first phase of seismic search operations in the Red Sea, which were conducted using two-dimensional search technology over an area of ​​11,000 km.

 

The minister noted that the three-dimensional seismic survey work on an area of ​​6,700 km2 in the Red Sea is nearing completion. This allows for future research and exploration work.

 

He pointed out that it is planned to conduct new operations to collect seismic data during the coming period.

 

This came during Tarek El-Molla’s inauguration , via video conference, of the second edition of the "Future of Oil and Gas Exploration in the Red Sea" workshop, which was organized by the South Valley Egyptian Petroleum Holding Company in Hurghada in cooperation with the Association of Exploration Geophysicists "SEG".