Egypt awards $187mn oil and gas contracts
The contracts were scooped by several western and one Tunisian company
Egypt has awarded oil and gas contracts worth $187mn to several Western companies and a Tunisian firm on Friday, Reuters has reported.
Germany's RWE won two exploration blocks in the Gulf of Suez, while Tunisia's HBSI, Canada's TransGlobe and Italy's Edison secured five blocks in Egypt's western desert.
The concessions are for areas in the Suez Canal, Egypt's western desert, the Mediterranean sea and the Nile Delta and were awarded by Egypt's General Petroleum Corporation (EGPC) and Natural Gas Holding Company (EGAS).
Egypt has than $6bn of dept which it has now started repaying. But IOC remain hesitant to develop untapped gas finds in the country partly because their investment costs surpass the amounbt the Egyptian government is willing to pay them.