ExxonMobil enters Egypt’s upstream oil and gas sector

Connect with us:

Image: CNBC.com
ExxonMobil on Tuesday officially entered Egypt’s upstream sector through the country’s international tender for oil and gas exploration.
The Egyptian Natural Gas Holding Corporation’s bid round, the largest in its history, awarded 12 concessions to various oil and gas majors in total.
Royal Dutch Shell was awarded the majority of the concessions in the tender; three for oil and two for gas, while Neptune Energy, Merlon, Shell, Eni and state-controlled Egyptian General Petroleum Corporation (EGPC) were awarded seven oil exploration concessions.
Gas exploration concessions were awarded to Shell, Exxon, Petronas, BP, DEA and Eni, Reuters reported.
The first stage of exploration is expected to attract between $750 million and $800 of investment Energy Minister Tarek El Molla said.
EGPC’s tender included areas in the Western Desert, the Nile Valley, the Gulf of Suez and the Eastern Desert.

Share This Article

Other Reads

Other Reads

Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

More from the Author

Sign up for latest news and event info

Copyright © 2022 Energy Capital & Power. Privacy Policy · Terms of Use