Pacific Oil & Gas and Hibiscus Petroleum commit to investing $68m
Egypt has awarded five oil and gas concessions in return for $100m in investment commitments from oil and gas companies.
In a statement released on 3 August, the oil ministry said a consortium of the UAEs Pacific Oil & Gas and Malaysias Hibiscus Petroleum would explore the 68-square-kilometre Southeast Ras el-Ush concession in the Gulf of Suez.
It has committed to a minimum investment of $68m, according to the statement.
A firm known as Kieron Megawish has committed to investing at least $23m exploring the 194-sq-km North Megawish concession, which is also in the Gulf of Suez.
The three other concessions were awarded with minimum investments of $7m, according to the oil ministry.
Egypt is currently looking to ramp up domestic hydrocarbons production amid its worst energy shortage in decades.
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