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Wednesday, April 24, 2024 3:43 GMT
Egypt awarded oil and gas exploration concessions in the Red Sea to three international companies in a tender launched by South Valley Egyptian Petroleum Holding Company (GANOPE) in March.The multinational energy corporation Chevron was awarded the first block and Royal Dutch Shell was awarded Block No. 3, while Block No. 4 was awarded to Shell and UAE’s Mubadala, with a total exploration area of nearly 10,000 square kilometres and with investments not less than US$326 million, according to a statement on Sunday.The Egyptian minister of petroleum and mineral resources Tarek El-Molla stated that a maritime demarcation agreement signed with Saudi Arabia has given Egypt the opportunity to launch its first international tender for oil and gas exploration in the Red Sea.