Ganope, the Upper (southern) Egypt-focused arm of state firm EGPC on 3 August awarded five of the 10 blocks on offer in its 2014 bid round, “an excellent result while facing the challenges of the recent decline in crude oil prices,” Ganope says.

Total commitments are for a $100mn investment and 16 wells. Three of the awarded blocks are for well-worked acreage in the southern Gulf of Suez, while Houston-based IPR took both Western desert blocks (see table). (CONTINUED - 75 WORDS)