Egypt to launch new oil and gas bid rounds in 2016

摘要

Alexandria, Egypt-Egypt will launch a new oil exploration round next week, offering 11 blocks in the Western Desert and Gulf of Suez, petroleum minister Tarek el-Molla said Tuesday, as the country looks to capitalize on recent giant finds and reinvigorate upstream spending. The government also plans to launch two gas exploration rounds this year, Molla said at an energy conference in Alexandria. State-owned Egyptian General Petroleum Corporation postponed plans for a bid round including 10 blocks in the areas in January, citing the low oil price environment as Brent crude hovered around $30/b.