During an inspection of the Geophysics Data Collection Project on Saturday, Minister of Oil Tarek El Mulla stressed the importance of utilizing global search and exploration companies to increase Egypt’s oil production through new oil explorations in the Red Sea. The project is implemented by an alliance of the US oil company Schlumberger and the world’s largest geoscience data company TGS with investments totaled at US$750 million. Mulla noted that the ministry will offer an international bid on the global companies to explore new fields in the Red Sea by the end of 2018. “The project will allow for obtaining more clear data on the deep geological structures and the potential oil fields in the Red Sea,” Mulla said. He added, “The project will enable Ganoub al-Wadi Petroleum Holding Company to offer international bids on the exploration of oil fields and utilize the Egyptian economic waters in the Red Sea.”Meanwhile, the Red Sea’s Safaga port received on Saturday the Chinese seismic search vessel “Dong Fang Kanten” which will start oil exploration in the Red Sea.

Source: Egypt Independent March 11, 2018 09:33 UTC