The Ganoub El Wadi Petroleum Holding Company intends to launch its first international tender for oil and gas exploration in 10 Red Sea sites during the first quarter (Q1) of this year.
A source from the company informed Daily News Egypt that the tender was previously scheduled for 2018, but was delayed until the finalisation of the required approvals.
He pointed out that the Red Sea is one of the most promising virgin areas and requires extensive exploration activity.
He explained that the tender is based on the results of the geophysical survey conducted in the Red Sea, in cooperation between Ganoub El Wadi and Schlumberger International.
The source referred to the collection of two-dimensional seismic data with new techniques, after the completion of the seismic survey and the collection of data about Egyptian economic waters in the Red Sea of an area exceeding 10,000km, with investment of $750m.
He stressed the importance of providing the necessary data to start exploration activity in the region and to allow international companies to better assess the opportunities and prospects of oil and gas reserves in the Red Sea.
Furthermore, the source added that the ministry of petroleum prepared an ambitious plan to put the Red Sea on the map of investment to achieve new discoveries similar to the Mediterranean fields to support the production of oil and gas in Egypt.
“The agreement on demarcation of the maritime border in the Red Sea region with Saudi Arabia allowed Egypt to start the oil activity in the Red Sea for the first time. The project of developing and modernising the sector is currently under way to develop the model of petroleum agreements and facilitate procedures to encourage investments in the Red Sea region and attract new international companies,” said Minister of Petroleum, Tarek El-Molla, in previous remarks.
He added that the ministry is taking several steps to increase the attraction of investments in the field of research and exploration of oil and gas through the new seismic projects in the Red Sea, Gulf of Suez, and the Western Mediterranean. In addition, the ministry is setting up an electronic portal for marketing of oil exploration, which will contribute to attracting international companies.