Oil and Gas Exploration in the Northwestern Coast

Three international companies won the international tender raised by the Egyptian Natural Gas Holding Co. (EGAS) last month. This tender is to conduct a survey to search for oil and gas region in north-western coast.

This was stated by Khalid Abdalibdaa chairman of the company, adding that the three companies will be conducted a seismic survey to search for oil and gas in the area extending from the west of Marsa Matrouh to the Libyan border, and include the survey conducted 3,000km2 of 3D and 20,000km of 2D.

He added that the tender comes within the efforts of the State, represented by the Ministry of Petroleum to search for new sources to increase Egypt's production of oil and gas which meet demand and consumption dramatically and to cover the current deficit in the supply of energy.

He said that the three companies would carry out the survey at their own expense and will not pay the holding company or the state any amounts with an estimated cost of surveys planned at about 100 million dollars.

This amount can not be paid by the Holding Company, pointing out that this cost will be recovered where Terms allow bid to Organize an international tender again on other regions which will be discovered reserves of oil and gas out, and the winning companies will be covered by tenders exploitation repay the cost of the seismic survey.

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