State-run Ganope awards five oil and gas concessions worth $100 mln

Egypt’s state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) has awarded five oil and gas concessions that are expected to bring in minimum total investments of about $100 million, its chairman announced Monday. The five concessions are in West Gabal El Zeit and Sinai.

Sherif Sousa, Ganope’s chairman, further said that his company had launched a new international tender for oil and gas exploration in ten areas in south of Gulf of Suez and Western Desert, as the country seeks to boost investment in the key energy sector. Receiving offers will be valid until the end of November 2016, he added.

The winners of the five new oil and gas concessions are from U.S., Canada, Malaysia, Britain, and Egypt, Sousa added.