State-owned Ganope issues global tender for oil, gas drilling in Suez, Sinai

Egypt’s state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) issued a new international tender for oil and gas drilling and explorations in Gulf of Suez and Sinai.

Egyptian oil minister Tarek El-Molla stated Sunday that the bid includes five areas notably in West Gabal El Zeit, South East Ghara area, and South Sinai, in addition to another five areas in Egyptian Western Desert.

The minister added that this is the second bid that oil sector issue during 2016 to attract new global investments to Egypt for oil and gas drilling and explorations.

He noted that issuing bids and signing new contracts with global firms is the major factor in achieving Egypt’s strategy that aims at securing energy supplies sustainably to enhance economic and social development plans.

Minister El-Molla noted that the recently-achieved discoveries resulted from the bid issued by oil sector during the past two years besides inking contracts that made Egyptian oil industry attractive for foreign investments.

Moreover, the minister clarified that the new bid is set to open the gate for new investments for oil and gas drilling and exploration in prominent areas in Southern Egypt.