Continental Focus, International Reach

Red Sea Bid Round in 2018

Tuesday, March 13, 2018

Tarek El Molla, Egypt’s minister of petroleum, paid a visit to the Geophysics Data Collection Project. The project is being undertaken by a partnership of Schlumberger and TGS with investments totaled at $750 million.

During his visit Molla revealed that the Ministry would offer up acreage in the Red Sea by the end of 2018 and the Geophysics Data Collections Project will aid in that.

“The project will allow for obtaining more clear data on the deep geological structures and the potential oil fields in the Red Sea,” Molla said, adding, “The project will enable Ganoub al-Wadi Petroleum Holding Company to offer international bids on the exploration of oil fields and utilize the Egyptian economic waters in the Red Sea.”