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Egypt set to launch first-ever bid for obsolete energy fields

REUTERS/Amr Abdallah Dalsh
Minister of petroleum Tarek el-Molla said that the bid details would be released before the end of February

Egypt will launch the first-ever bid for obsolete energy fields, minister of petroleum Tarek el-Molla said.

Details of the bid will be released before the end of February.

“Its economic model will be determined to increase production from those fields that need unconventional methods and specialised technology to extract the quantities available in these fields,” the Egypt Today newspaper reported the minister as saying.

El-Molla said that the rise in global prices is driving more investments in this field.

Meanwhile, Egypt is in negotiation to increase imports of gas in order to re-export it, pointing to cooperation with Cyprus with a view to benefiting from the Aphrodite field after being developed.

The minister said the increase in gas exports will help to cover part of oil imports, as well as pump new investments in research and exploration and mega projects in the field of petrochemicals.

Egypt’s oil exports reached $18.2 billion in 2022, the minister said.

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