Egypt to launch 1st-ever bid for obsolete energy fields

CAIRO - 15 February 2023: Egypt will launch the first-ever bid for obsolete energy fields, according to the Minister of Petroleum, Tarek el-Molla.

 

Molla said during a press conference held Wednesday at the Egypt Petroleum Show (EGYPS 2023) that details about the bid will be announced before the end of February.

 

“Its economic model will be determined to increase production from those fields that need unconventional methods and specialized technology to extract the quantities available in these fields,” he added.

 

He noted that the rise in global prices is what encourages pumping investments in this field.

 

Meanwhile, Molla said there are negotiations to increase imports of gas in order to re-export it.

 

He also pointed to cooperation with Cyprus with a view to benefiting from the Aphrodite field after being developed. 

 

The minister pointed out that the increase in gas exports at the present time in light of the rise in global prices contributes to covering part of oil imports, in parallel with pumping new investments in research and exploration, and mega projects in the field of petrochemicals.

 

Previously, Molla said that Egypt's oil exports rose to reach $18.2 billion during 2022.