Egypt to announce bids for obsolete energy fields by end-February

Egypt will announce details of the first-ever bid for obsolete energy fields by the end of February, Egypt Today reported, citing Petroleum Minister Tarek El-Molla.

The economic model will be determined to increase production from the obsolete fields through unconventional methods and specialised technology to extract the quantities available in these fields, he added.

The rise in global oil prices has encouraged investments in these fields, El-Molla said.

Earlier in the month, the Egyptian Cabinet endorsed 13 draft agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean.

The exploration rights will be for Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Company and several international companies.