The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

UPDATE 1-Egypt extends Mediterranean gas exploration tender by two months

Tue, 26th May 2015 09:42

(Adds EGAS comment)

CAIRO, May 26 (Reuters) - Egypt has extended its tender fornatural gas exploration in the Mediterranean Sea by two monthswith the addition of four new blocks, the state gas board saidon Tuesday, as the country seeks to boost domestic energyproduction.

The bidding period now runs to July 30 and will include 12offshore concessions instead of eight, the Egyptian Natural GasHolding Company (EGAS) said in an advertisement published instate-run Al Ahram newspaper.

Egypt is going through its worst energy crisis in decades,with increasing consumption and declining production turning thecountry from a net energy exporter to a net importer over thepast few years.

The north African country has tried to tackle energyshortages by raising energy prices, building new power plants,importing liquefied natural gas (LNG) and encouraging moredomestic oil and gas production.

Egypt has extended tender periods in the past when there wasnot enough interest or when potential bidders requested moretime to complete evaluations.

EGAS vice-president Mahfouz al-Buny told Reuters the periodwas extended at the request of a number of companies who wantedfurther details on the blocks available, and to give firms timeto evaluate the four new blocks up for tender.

The four additional blocks are Northeast Habi Marine, NorthFarma Marine, North Tabiya Marine and Northeast Amiriya Marine,EGAS said.

The original eight blocks are West Arish Marine, East PortSaid Marine, North Rumana Marine, North Ras al-Ash Marine, Westal-Timsah Marine, South Taneen Marine, North Hammad Marine andEast Alexandria Marine.

The 12 blocks together cover a total of 20,548 square km(7,934 square miles).

The foreign companies already exploring for oil and gas offEgypt's north coast include Italy's ENI and Britain'sBP and BG. (Reporting by Ehab Farouk; Writing by Shadi Bushra; Editing byAlison Williams)

Related Shares

More News
23 May 2024 21:40

Republican-led states ask Supreme Court to quash Big Oil climate lawsuits

May 23 (Reuters) - Nineteen Republican attorneys general have filed a rare complaint directly with the U.S. Supreme Court asking it to block several...

22 May 2024 21:54

US lawmakers urge Justice Department to probe climate deception by Big Oil

May 22 (Reuters) - U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate w...

22 May 2024 02:00

British firms expecting hard time in China market, lobby group warns

BEIJING, May 22 (Reuters) - British firms expect doing business in China to become harder over the next five years, a British business lobby group s...

22 May 2024 00:01

US Cash Products-Chicago RBOB surges after refinery issues

NEW YORK, May 21 (Reuters) - Cash differentials for RBOB gasoline surged on Tuesday after a refinery that has faced operational issues in recent days ...

16 May 2024 17:53

European shares snap nine-day winning streak as Siemens weighs

Roche gains on obesity drug results from early-stage trial *

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.