Egypt has put three blocks on offer in the Gulf of Suez as part of the Open Blocks Licensing Program (OBLP) initiative, providing interested parties with the chance to bid for previously held acreage outside a typical official bid round.
The North Shadwan-1, North Shadwan-2 and North Shadwan-3, which hold combined estimated reserves of 55mn barrels, are located offshore at the southern entrance of the Gulf of Suez. The region has witnessed somewhat of a renaissance of late with oil output rising to a seven year high of 131,000 b/d for February (MEES, 17 April). (CONTINUED - 124 WORDS)