Egypt to launch international bids for oil exploration in 2018Wednesday, 03 January 2018 07:33Egypt hopes to achieve self-sufficiency in natural gas through these bids. (Image source: Jeff Warren/Flickr)Egypt will start international bids for oil and gas explorations in various areas on the Red Sea after finishing seismic survey before the end of Q1 2018, said Tarek al-Mulla, minister of petroleum and mineral resources in EgyptIn a statement, he said that with the proposed bid, Egypt is expected to achieve self-reliance in natural gas by developing discovered natural gas fields throughout the country. The minister said that the government will help in operating the Egyptian Refining Company’s project in the Mostorod area and to complete the second phase of the expansion project of the MIDOR refinery in Alexandria, the source reported. The source further reported that the minister also promised to complete new projects currently being implemented by the Alexandria National Refining and Petrochemicals Company for high octane gasoline production which will meet domestic demand. He also mentioned that 12 new oil agreements are underway with a total investment of around US$433mn, in addition to other agreements that will result from the proposed bids.

Source: The North Africa Journal January 03, 2018 06:33 UTC