Arab Finance: The Egyptian General Petroleum Corporation (EGPC) has awarded four oil and gas exploration blocks to international companies as part of the latest bid round, the ministry’s Egypt Upstream Gateway (EUG) announced.
The awarded companies are Aten Petroleum, UAE’s Dragon Oil, Terra Petroleum, and Romania’s CIS Gaz.
The firms will explore areas spanning around 4,000 square kilometers and drill at least 14 new wells across NW El Moghra in the Western Desert, W. Kheir in the Eastern Desert, and E. El-Galalla & E. El-Hammed in the Gulf of Suez.
The contracts are set to be executed with a minimum investment commitment of $71 million for the initial exploration phases.