Egypt to launch first oil drilling auction in Red Sea before 2018-end – minister

By Amwal Al Ghad English On Nov 19, 2018

Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla.

Egypt will launch its first auction for oil and gas drilling in the Red Sea before the end of this year, its oil minister Tarek el-Molla said on Monday.

Egypt plans to speed up production from recently discovered fields, with an eye to halting imports by 2019 and achieving self-sufficiency.