The Egyptian Petroleum Ministry will
launch international tenders for natural gas and oil exploration in the
Mediterranean Sea and Red Sea in the coming
Petroleum Minister Tareq Molla said the Red Sea exploration tenders are expected to be held by
the end of 2018 after finalizing ongoing seismic surveys in the area,
according to a statement issued by the ministry on Monday.
The tenders – which will target promising exploration areas – fall within the framework of the ministry's
strategy to expand exploration activities in new areas.
About $ 10 billion foreign investments poured
into oil and natural gas exploration and development of newly-discovered oil
fields in the 2018-2019 fiscal year, he said.
These are the fruits of political stability
and economic reforms of the Egyptian oil and gas industry which became
attractive to international investors and companies, the minister said.
Molla said the ministry is working on a
national project to turn Egypt
into a regional center for energy trade.
He referred to Egypt's potentials and ongoing
developments of the oil and gas infrastructure as well as the new natural gas
regulation law and the establishment of the natural gas regulation authority.
Within this context, Egypt has taken
tangible steps to further cooperation and partnerships with its partners in the
He cited the recent inking of a memorandum of understanding with the European Union in the energy domain.
He added that Egypt and
Cyprus plan to sign an agreement in the coming period to establish a direct natural gas pipeline
from Cyprus' Aphrodite gas field to Egypt.
countries seek to enhance bilateral cooperation
to realize the optimal use of natural gas resources in eastern Mediterranean
Egypt and Greece
also mull beefing up bilateral cooperation in the petroleum and natural gas
domains in view of promising cooperation between Egypt,
Cyprus and Greece, Molla said.
Molla also noted that there is continued
cooperation between Egypt and Jordan
in the natural gas domain under a memo inked between both sides.
He added that there are seven new project
to boost productivity of Egyptian refinery labs and improving their performance
in addition to expanding networks of natural gas and crude oil pipelines.
He added that four mega projects,
including Zohr field, were implemented for the first time in one year.
He noted that Zohr field production will
reach its peak by the beginning of 2019.
He added that the ministry is also carrying out several project to develop natural gas fields which were
discovered in the Mediterranean and Nile Delta
to start their production within two years.
Several days ago, UAE's Mubadala Petroleum expressed interest in expanding its oil investments in Egypt, especially in the Red Sea region, as well as bidding in Egypt's international petroleum tender slated for the end of 2018.
Last month Mubadala Petroleum and Italy’s Eni signed an agreement to
purchase a 10 percent stake in the Egyptian Shorouk Concession. The stake in
the offshore Shorouk Concession encompasses the giant Zohr gas field located in
the Mediterranean Sea.