Egypt Pushes Back Bid Round Deadline

Egypt has pushed back the deadline for its latest oil and gas bid round, which it hopes will attract much needed investment in its energy sector.

Bids for the 23 blocks on offer now have to be submitted by 3 July, instead of the previous deadline on 19 May, the Ministry of Petroleum said in a release.

The government is desperate for the bid round to be a success, and Minister of Petroleum Sherif Ismail has worked to increase the appeal of Egypt’s acreage. Last week, the minister announced that international oil companies (IOCs) would be paid $1bn in outstanding receivables over the coming two months. IOCs are owed $6.3bn, said Mr Ismail, after they received $1.5bn last December. The government at the time announced the repayment of a further $3bn in monthly instalments to 2017 (MEES, 25 April). (CONTINUED - 506 WORDS)