Egypt launches 1st int’l bid to develop 8 aging oilfields – minister

Egypt launched the first international bid of its kind for developing the aging oilfields through Egypt Upstream Gateway (EUG), as it includes eight productive wells, Minister of Petroleum Tarek al-Mola announced on Thursday.

The eight wells are located in the Gulf of Suez and the Eastern Desert, including the Ras Badran, Jazurina, Ras El-Ush and Shukair, East Zeit, Ashrafi and Wadi El-Sahl oilfields, the statement added.

al-Molla further mentioned that the auction comes for the first time after studies that had been conducted on the aging wells that still contain quantities of crude oil, highlighting the petroleum sector’s interest in attracting oil exploration companies.

In addition to that these oilfields represent an investment opportunity in light of the high international prices that encourage companies to invest in these wells, al-Molla concluded.