Red Sea Bidding Delayed

A bid round for blocks in Egypt’s Red Sea, initially slated for the end of 2018, will eventually be launched during the first quarter of 2019 according to local Egyptian reports, citing oil ministry sources. The launch was delayed until “all required approvals are obtained,” according to the source.

The bid round falls under the jurisdiction of the oil ministry’s southern Egypt focused arm Ganope, which signed a $750mn deal in December 2017 with Norway’s TGS and House-based oilfield services firm Schlumberger to compile geophysical data covering 60,000km² in the Red Sea ( MEES, 26 October 2018 ).

The firms acquired 2D seismic data over an initial 10,000 km² region (see map) and made data available in June last year. (CONTINUED - 169 WORDS)