Back to the complete issue
Sunday, 16 July 2017

Oil Ministry announces winners of Western Desert concession

Apache, Shell, and Apex among the winners of Oil Ministry’s Western Desert oil exploration tender: The Oil Ministry is expecting to sign contracts “soon” with the winners of its crude oil exploration tender in the Western Desert, Minister Tarek El Molla said, according to Youm7. Apache, Royal Dutch Shell, Apex International Energy and Merlon will together invest at least USD 160 mn and pay signature grants totaling USD 65 mn. They’all be drilling for oil in five concessions in the Western Desert, according to the minister.

Oil Ministry to launch oil exploration tenders in border with Saudi by year’s end: The ministry plans to commission more oil drilling in 2017 through Ganoub El Wadi Petroleum Holding Company, El Molla said. Five international firms have already been awarded contracts to begin conducting geological surveys and initial scans along the border with Saudi Arabia in the Red Sea. The ministry plans to open the floor to exploration activities in the area — which surrounds the contentious Tiran and Sanafir islands — before the year is up, AMAY quotes El Molla saying. Among them are WesternGeco Schlumberger and TGS, whose combined investment comes close to USD 750 mn.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.