Egyptian gas output fell to a nine-year low in 2014. But confidence that the decline can be reversed is increasing. The latest bid round, offering eight large gas-prone Mediterranean blocks, will be a key part of any renaissance.
Egyptian state gas firm EGAS launched a bid round on 24 February for 8 offshore Mediterranean blocks. It hopes to build on the momentum of its previous bid round, launched at the end of 2013, when BP, Eni and Italy’s Edison snapped up three of the four key ultra-deepwater blocks on offer. BP and Eni, (along with BG, the key gas producers offshore Egypt) have also collectively taken three further large deepwater blocks over the past two years (MEES, 3 October 2014). (CONTINUED - 1198 WORDS)