CAIRO - 15 February 2023: Egypt will launch the first-ever bid for obsolete energy fields, according to the Minister of Petroleum, Tarek el-Molla. Molla said during a press conference held Wednesday at the Egypt Petroleum Show (EGYPS 2023) that details about the bid will be announced before the end of February. “Its economic model will be determined to increase production from those fields that need unconventional methods and specialized technology to extract the quantities available in these fields,” he added. He noted that the rise in global prices is what encourages pumping investments in this field. Previously, Molla said that Egypt's oil exports rose to reach $18.2 billion during 2022.
