Petroleum Africa
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Thursday, March 10, 2016
Egypt is considering the revival of the Tair al-Bahr bid in the southern Gulf of Suez and the inclusion of an Egyptian partner in order to increase the role of Egyptian companies in oil exploration and production, according to an Al-Mal report.
Mohamed Al Masry, the head of the EGPC, told Al-Mal that the bid was not cancelled and is currently being studied, adding that it will soon be activated.
A consortium made up of EGPC, Tharwa Petroleum, and Tanmia Petroleum Co., won the bid in late-2014, however a lack of necessary funds to carry out the needed exploration activities put moving forward on hold.
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