19 May Closing Dates Fixed for the Exploration Bid Rounds in Which EGPC and EGAS Are Offering 22 Blocks

摘要

For the first time ever, Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) have launched simultaneous international exploration bid rounds in which a total of 22 blocks are being offered – 15 by EGPC and seven by EGAS – and for which the same closing date of 19 May has been fixed. Egypt recently speeded up the approval process for exploration and production-sharing agreements (EPSAs) and has started to pay off part of the arrears owed by the state to international oil companies in order to encourage them to continue investing in the upstream oil sector (AOG, 1 Jan., 2014). Several new agreements were ratified recently, including two concluded with Dana Petroleum, while Egypt’s acting President has signed seven agreements covering blocks assigned by EGAS following its 2012 bid round, as a result of which they have now come into force (for a full list of these blocks, see AOG, 1 Jan., 2014).