Egypt Prepares West Med Block Offering

Cairo is preparing to launch a bid round for eight blocks in as yet unexplored waters in the country’s offshore West Mediterranean region (see map). The acreage is just north of Egypt’s prolific Western Desert which contributes 56% of the country’s oil output and 22% of the country’s gas output.

The project is one of three international bid rounds which Cairo hopes to launch later this year. Two of these will focus on frontier acreage: the other is earmarked for the Red Sea where bidding is slated to be launched by March ( MEES, 4 January ).

As with the 10,000 km² of virgin Red Sea acreage, Egyptian state firm EGAS has commissioned its own seismic surveys of the West Mediterranean region ahead of offering up the acreage. Under a $153mn deal struck in 2015 ( MEES, 3 July 2015 ), Norwegian firm PGS has completed shooting 7,380km of new 2D seismic as well as the reprocessing of 6,000km² of legacy 3D and 11,000km of legacy 2D seismic. The shooting of a further 21,000km of 2D seismic is ongoing. (CONTINUED - 313 WORDS)