Arab Finance: As part of its continuous endeavor to enhance oil and gas production and attract more foreign investments, it was announced Ministry of Petroleum Mineral wealth is about the closure of the last auctions for exploration and production in a number of vital areas, through Egypt's Gate for Exploration and Production (Eug).
This step comes within the first pillar of the National Petroleum's national strategy, which aims to increase local production to meet the growing energy demand.
The auctions round witnessed great interest from international and private companies, as the ministry received several offers for exploration in areas: “Rahat” of the Egyptian Natural Gas Holding Company (EGAS), and “North July” of the Egyptian General Petroleum Corporation (EGPC), in addition to three sectors of the South Valley Petroleum Holding Company (Ganope), which is “North of Al Baraka”, “East Jabal Al -Zait”, and “South East of the head of the nest. “
The results of the evaluation and awarding are scheduled to be announced next August, while the Egypt Gate for Exploration and Production (Eug) continues to display more investment opportunities across various geological basins, reflecting the commitment of the Ministry of Petroleum and Mineral Resources to expand production and attract new international partners.
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