Egypt awards five concessions worth $100mn

Pacific Oil and Hibiscus Petroleum will explore fields in the Gulf of Suez

Egypt diverted from a major gas exporter to an importer in recent months.
Egypt diverted from a major gas exporter to an importer in recent months.

Egypt has awarded five oil and gas concessions that are expected to bring in minimum total investments of about $100mn, Reuters reports.

According to a statement released by the oil ministry on Monday, a consortium of Seychelles-registered Pacific Oil and Malaysia's Hibiscus Petroleum will invest a minimum of $68mn in exploration in the Southeast Ras el-Ush concession in the Gulf of Suez.

Another firm, Kieron Megawish, has signed a deal to explore in the North Megawish concession, also in the Gulf of Suez, with a minimum investment of $23mn, the statement said.

The other three concessions that have been awarded are expected to bring in $7mn of investments each, bringing the total concessions value to around $100mn.

State-owned Ganoub El Wadi Petroleum Holding Co (Ganope) had opened bidding at the end of 2014 on 10 concessions in the Gulf of Suez, Eastern Desert and west and east of the Nile in the areas of al-Naqra and Kom Ombo, Reuters reported.

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