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Wednesday, 17 August 2016

Oil Ministry calls on international firms to seismically map Red Sea reserves

The Oil Ministry will ask international firms to start seismic mapping of the Red Sea area to increase the attractiveness of investments in the region, Chairman of the Ganoub El Wadi Petroleum Holding Company Sherif Sousa told Al Masry Al Youm. Under Egypt’s new system for issuing E&P tenders that target “technologically advanced” companies, Egypt will be entitled to bns of USD worth of research at no cost, he said. The move follows an announcement by the Saudi cabinet to hold talks with Egypt over a potential MoU on extracting natural resources from the Red Sea, which we noted yesterday.

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