Five foreign firms win $750 mln seismic contracts in Egypt’s Red Sea

Egypt has accepted five foreign firms’ bids for seismic survey of the Red Sea area worth a total investment of up to $750 million, the Ministry of Petroleum said on Wednesday.

Egypt’s state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) launched six months earlier an international tender for seismic survey of the Red Sea area.

The seismic survey is designated to produce detailed images of local geology to determine the location and size of possible oil and gas reservoirs.

The Petroleum Ministry intends to put the Red Sea area on the map of oil and gas exploration investments, Oil Minister Tarek el-Molla said on Wednesday.