Announcing the result of the first global bid for oil and gas exploration in the Red Sea

Cairo – Eco : Engineer Tareq Al Mulla, Minister of Petroleum and Mineral Resources, announced as a result of the first global bid to search for oil and gas in the Red Sea put forward by the Egyptian South Valley Holding Company for Petroleum last March, when the American Chevron Company in Sector No(1) won the bid ...


and the Dutch Shell Company won the No. (3) Also, the alliance of the UAE Shell and Mubadala companies won Sector No. (4), with a total research area of ​​about ten thousand square kilometers, with a minimum investment size of $ 326 million, rising to several billion dollars in the development stages, in case the discoveries are made .

Al-Mulla affirmed that Egypt's first start in the operations of exploiting the oil wealth in its economic waters in the Red Sea comes as a result of the availability of strong political will and full support from President Abdel Fattah El-Sisi in this direction, which was embodied in the signing of the agreement to demarcate the sea borders with the Kingdom of Saudi Arabia, allowing the petroleum sector to be offered The first global bid in the Red Sea region.

The minister pointed out that the victory of companies considered to be one of the largest international companies in the petroleum field constitutes a positive and important indication of the attractive investment climate in Egypt, especially that these companies possess the latest global technologies and accumulated experiences to work in pristine areas such as the Red Sea, which have many challenges such as the depth of water and the magnitude of the volume The investments necessary for research, exploration and development in the following stages and the lack of production facilities.