Cairo, Egypt | – Egypt will launch the first international tender for the exploration of oil and gas in the Red Sea next December, the Ministry of Petroleum and Energy announced on Wednesday in this capital.
The government is carrying out a seismic study on the east coast of the North African country to identify potential resource areas, said the head of the South Valley Egyptian Petroleum Holding Company, Mohamed Abdel-Azim.
The official said that the company has been working with the US firm Schlumberger in the bidimensional seismic studies of more than 10 thousand square kilometres in the exclusive economic zone of Egypt in the Red Sea.
A maritime demarcation agreement signed with Saudi Arabia in 2016 allowed the country to embark on the exploration of oil and gas fields for the first time in the Red Sea.
The Egyptian Minister of Petroleum, Tarek El-Molla, has indicated that the region, with the exception of the Gulf of Suez, had remained intact, so much is expected from these exploration mechanisms.
