EGPC auctions two Eastern Desert areas for oil exploration

CAIRO – 13 August 2017: The Egyptian General Petroleum Corporation (EGPC) issued an auction Sunday for oil exploration and production in the Eastern Desert.

In a public announcement on local newspapers, the EGPC set December 28 as a deadline.

The bid areas are Wadi Dara and West Ghareb at 50 kilometers and 20 kilometers of space respectively.

The Ministry of Petroleum launched a sector development program that aims to develop oil and gas exploration, discovery and production, attract foreign investments, restructure the sector’s companies, develop petrochemicals and refineries industries, and improve skills of human resources.

Investment by foreign oil firms in Egypt rose to $8.1 billion in 2016-2017 from $6.6 billion a year earlier, Petroleum Minister Tarek el-Molla said last week.

The Ministry of Petroleum said in June that Egypt had reduced arrears owed to foreign oil companies to $2.3 billion. Egypt's fiscal year runs from July to June.