Egypt Independent

Petroleum Ministry to launch bids for exploration in Red Sea



 

The Petroleum Ministry will launch the first bids for international companies to explore the Red Sea in December on an area of 10,000 kilometers, after preparing the required geophysical data on Egyptian economic waters in the Red Sea, Petroleum and Mineral Resources Minister Tariq al-Mulla announced Monday.

An alliance of companies, namely WesternGeco-Schlumberger and TGS, are preparing the geophysical data in a project at an investment of about US$750 million, Mulla said.

“There are many international companies that have shown an interest in working in the Red Sea region and through the global bidding”, he said during the opening of the Opportunities for Investment and Exploration of Oil and Gas in the Red Sea conference organized by SEG.

Edited translation from Al-Masry Al-Youm