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Egypt weighs up offers oil and gas blocks

Cairo, December 5, 2009

Egypt is still evaluating offers it received for its latest oil and gas bid round offering 11 blocks in the Gulf of Suez  and the South Eastern Desert, the country's oil minister said on Saturday.

'I think they are under assessment now,' Sameh Fahmy told Reuters.

The deadline for bids for the blocks offered by two-state owned companies, the Egyptian General Petroleum Corporation (EGPC) and Ganoub El Wadi Petroleum Holding Company (Ganope) was November 1.

In the last bid round launched by Egypt in September 2008, state-owned Egyptian Natural Gas Holding Company (EGAS) awarded blocks to BG Group, Royal Dutch Shell, BP, Petronas, Enel and Total.

Fahmy also said Egypt would evaluate its policy on signing new gas export contracts at the end of 2010.

Egypt said last year it would not sign any new gas export contracts until that date.

When asked about a possible extension to the ban Fahmy said: 'We have to assess the situation.'

Egypt's proven natural gas reserves rose to around 77.2 trillion cubic feet in the 2008/09 fiscal year, while reserves of crude oil and condensates rose to 4.4 billion barrels, according to the government. – Reuters




Tags: Egypt | Cairo | EGAS | oil and gas blocks | EGPC |

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