Ganope- Egypt to issue international tender for oil, gas drilling Q1 2016

Egypt’s state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) is to issue international tender for oil and gas drilling and explorations in many concession areas during the first quarter of 2016.

Minister of Petroleum Tarek El-Molla told Amwal AL Ghad Wednesday that the aim of this tender is to make more gas and oil explorations within the upcoming period.

He clarified that this tender comes among sector’s strategy that targets increasing production rates to cope with the growing consuming rates generally as well as meeting the needs of industrial sector and power plants in particular.

Ganope is currently compiling the number of areas that are set to be issued among the tender, the minister stated.  He added that such tenders will participate in boosting the rate of oil and gas drillings in the undiscovered areas that have certain amounts of gas and oil.

Minister El-Molla noted that concession areas at Western Desert , South Egypt and Mediterranean Sea seize large part of state’s oil. In addition, those areas own massive number of undiscovered wells that need large investments to be drilled.