EGPC plans oil, gas exploration auction in 2017

CAIRO – 26 September 2017: The Egyptian General Petroleum Corporation (EGPC) is preparing to hold a new auction for oil and gas exploration before the end of 2017, company chairman Abed Ezz El-Regal said in a statement.

The EGPC is waiting for the completion of technical procedures and the attainment of approvals from relevant entities to hold the auction, Ezz El-Regal said; adding that this comes within a plan to increase crude oil output.

Foreign firms have entered in 83 agreements for oil and gas exploration and production with the Ministry of Petroleum since the June 30 Revolution of 2013, Minister of Petroleum Tarek El-Molla said this week.

In August, Molla signed new three oil and gas exploration agreements in the Western Desert with a total value of $81.4 million in investments.

The agreements were signed between the EGPC, Royal Dutch Shell and Apex to drill 16 new wells using $23.2 million.