Bids for oil and gas exploration deals for four regions in Egypt now expected for 3 July
Egypts latest licensing round for 22 oil and gas exploration concessions has extended the bid deadline after calls from interested parties to be given more time to conduct feasibility studies.
The deadline has been pushed back to 3 July by Egypts General Petroleum Corporation (EGPC) and the state-owned Natural Gas Holding Company (Egas).
The concessions are spread across four locations including the Suez Canal, the western desert region, the Mediterranean and the Nile Delta.
Egypt has struggled to attract international exploration and production companies in the past due to the meagre terms offered by the North African state. Estimated payments for gas production vary between $2-$3 a million BTUs. For offshore operations this would barely cover investment costs.
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