Egypt Bid Round Yields First Results

Egypt has started awarding concessions offered in its latest bid round, which Cairo hopes will curb a growing energy deficit, as power cuts plague the country and Gulf fuel aid continues to pour in.

State-owned oil firm EGPC has awarded Canadian independent TransGlobe the North West Sitra concession, the company announced, with US firm Apache reportedly also winning the rights to two blocks. “It is anticipated that the ratification approval process of the new concession could be completed by late 2014,” TransGlobe said in a 3 September release. Two consecutive 3.5-year exploration phases could be followed by 20-year PSA, the company adds. (CONTINUED - 771 WORDS)