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Ganope Pushes Back Bid Deadline

Tuesday, July 23, 2019

Egypt’s state-run firm in charge of oil and gas activities in Upper Egypt, Ganoub El Wadi Petroleum Holding Company (Ganope), extended the deadline for receiving offers for its international bid round in the Red Sea to mid-September, instead of August. The push back of the deadline allows more companies to submit their offers, Al-Shorouk reported.

The Red Sea licensing round was launched in March, offering up 10 offshore exploration blocks in the Egyptian Red Sea.

Under Egypt’s PSA regime bid winners will have the right to sell their share of production locally or export it globally after the Ministry of Petroleum’s approval. The Minister of Petroleum, Tarek El-Molla previously expected increased exploration activities in the Red Sea after the maritime border demarcation with Saudi Arabia.

Ganope signed two contracts with Schlumberger and TGS to conduct seismic surveys and gather data in the Red Sea and Upper Egypt in 2018.