Egypt Hopes To Attract IOCs To Its Western Mediterranean Waters

Egypt’s state gas firm EGAS has enlisted the services of Norwegian firm PGS to conduct a seismic survey in the country’s previously uncharted western Mediterranean waters as it hopes to attract further investment and increase gas output.

According to an EGAS statement, this is the largest seismic research project that has ever taken place in the Mediterranean which it hopes will spark international oil companies’ (IOC’s) interest in the region.

Whilst the offshore Mediterranean accounts for the bulk of Egypt’s gas output, all current exploration and production is in the eastern half of the country’s Exclusive Economic Zone. (CONTINUED - 872 WORDS)