Petroleum Africa
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Friday, May 2, 2014
The deadline to submit bids for the EGPC and EGAS International Licensing Round has been extended. The two Egyptian firms are offering up 22 concessions for oil and gas exploration and the deadline to submit bids was originally set for May 19, but will now be July 3.
The reason for the delay was not given but Reuters cited a source at EGAS as saying that the deadline was pushed back at the request of companies who wanted more time for feasibility studies. “A group of companies submitted a request to EGAS and EGPC two weeks ago to postpone the closing date of the bidding so they can assess the feasibility studies for the concession areas and offer the best deals,” the source said. One could attribute foreign operators’ hesitancy on the government’s inability to pay its portion of costs.
It will be interesting to see if Egyptian bid rounds fall the way of Algerian bid rounds following that North African country’s enactment of the windfall tax.
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