ExxonMobil enters Egypt’s upstream oil and gas sector

Image: CNBC.com

ExxonMobil on Tuesday officially entered Egypt’s upstream sector through the country’s international tender for oil and gas exploration.

The Egyptian Natural Gas Holding Corporation’s bid round, the largest in its history, awarded 12 concessions to various oil and gas majors in total.

Royal Dutch Shell was awarded the majority of the concessions in the tender; three for oil and two for gas, while Neptune Energy, Merlon, Shell, Eni and state-controlled Egyptian General Petroleum Corporation (EGPC) were awarded seven oil exploration concessions.

Gas exploration concessions were awarded to Shell, Exxon, Petronas, BP, DEA and Eni, Reuters reported.

The first stage of exploration is expected to attract between $750 million and $800 of investment Energy Minister Tarek El Molla said.

EGPC’s tender included areas in the Western Desert, the Nile Valley, the Gulf of Suez and the Eastern Desert.