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Egypt awards oil and gas exploration concessions in Red Sea: statement
29. December 2019
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Egypt said on Sunday that it awarded oil and gas exploration concessions in the Red Sea to Chevron, Royal Dutch Shell and Mubadala in an international tender.

 

Chevron was awarded the first block, Shell a second block, and a third block was awarded jointly to Shell and Mubadala with a total exploration area of around 10,000 square km (3,860 square miles) and with a minimum investment of $326 million, the petroleum ministry said in a statement.

 

The announcement few months after Egypt's South Valley Egyptian Petroleum Holding Company (GANOPE) announced in March 2019 the launch of the international bid for oil and gas exploration for the first time in 10 Offshore Exploration Blocks in the Red Sea.

 

Egyptian petroleum minister Tarek El-Molla described the results of the tender as "positive", adding that the current phase would see higher demand by global oil corporations.