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Friday, April 19, 2024 6:59 GMT
The total area of the eight blocks Egypt awarded in the Mediterranean, Western Desert, and the Gulf of Suez to international oil companies is around 12,300 square kilometers, including two in the Mediterranean, four in the Western Desert, and two in the Gulf of Suez, Minister of Petroleum and Mineral Resources, Tarek El Molla, said. In light of the current global conditions due to the pandemic, the auction is a boost for future investment, El Molla added.The areas were awarded to Eni, BP, Apex International, Energean Egypt, INA Naftaplin, Enap Sipetrol and United Energy. The award includes a minimum investment in research periods estimated at about US$250 million to drill a minimum of 33 wells, in addition to US$23.7 million in signature grants.