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Thursday, August 6, 2015
Ganope, Egypt’s state-run oil firm in charge of acreage in the south of the country, or Upper Egypt as it is called, released the results of its latest international licensing round. The company’s chairman, Abu Bakr Ibrahim, delivered the bid’s results to the Minister of Petroleum and Mineral Resources Sherif Ismail.
Ganope offered 10 blocks in the Gulf of Suez, the Eastern Desert, and east and west of the Nile at the end of 2014.
The company received seven offers from five companies for the acreage. The total amount of investments from the seven offers comes to at least $100.3 million.
Winning bids included a consortium made up of Emirati Pacific and Hibiscus Petroleum for Block 2, the southeast Ras al Ush concession in the Gulf of Suez; Egyptian firm Trident Petroleum won Block 6, the northwest Seabird concession; Kieron Magawish won Block 4, the North Magawish concession; IPR Co. and Mediterra Energy Corp. won two blocks, Block 7 and Block 8 in Komombo.
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