Royal Dutch Shell, Eni, BP and Exxon Mobil were among the winners of 12 concessions of Egypt’s largest ever oil and gas exploration tenders on Tuesday, according to international media outlets on Wednesday.
With the tenders the country aims to become a gas re-exporting hub on the doorstep of Europe.
Egypt finalized details of a new type of hydrocarbon contract to attract more foreign oil and gas investments worth over $10 billion in 2019.
The contracts anticipate providing incentives to foreign investors to explore and develop fossil fuels in undeveloped Egyptian fields.
According to international outlets, five natural gas exploration concessions were awarded. The head of Egypt’s state gas board said that Shell, Exxon, Petronas, BP, DEA and Eni would explore the exploration area, which has 20 wells to be drilled.
In addition, media outlets reported the Egyptian petroleum ministry's announcement that Neptune Energy, Merlon, Shell, Eni and state-controlled Egyptian General Petroleum Corporation were awarded seven oil exploration concessions in total from which 39 wells would be drilled.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr
Egypt awards largest oil, gas exploration tenders
- Top global oil & natural gas companies were among winners in one of Egypt’s largest ever oil and gas exploration tenders
