Egypt has signed oil and gas exploration contracts with the global auction winning companies at the Red Sea region.
Asharq Al-Awsat received a copy from a press release published by the Ministry of Petroleum, Mining, and Mineral Resources, in which the Ministry stated that the positive outcome of the auction gives a push forward and attracts more global investments in the petroleum sector especially in promising zones.
Exploration, development and output programs resume via 13 agreements in the study phase, and five agreements in the development phase, in addition to an agreement of study and development. The Ministry also supervises 10 petroleum agreements with the Egyptian General Petroleum Corporation in the production phase, the press release added.
There are also two agreements in the phase of procedures, according to the press release.
Notably, the Red Sea project revenues recorded the highest in the past months since the project was launched. Furthermore, contact was made with global companies who have shown interest in explorations in the Red Sea.
Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla affirmed that the exploration activities continue as planned despite the challenges resulting from the coronavirus outbreak. Petroleum companies in the region are proceeding their operations while abiding by the precautionary measures in their exploration and production activities.
President of Ganoub El-Wadi Petroleum Holding (Ganope) Mohamed Abdul Azim sent a report to Molla regarding the company’s activities in the south of Egypt.
Ganope succeeded in ramping up output average in which the overall production exceeded 7 million bpd during the first quarter of the year, this means a total of 23,00 bpd of crude oil, the report revealed.
Throughout the same duration, a total of 800 million cubic meters of natural gas was produced.
