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Shell, Eni, Exxon Among Winners In Egypt's Oil And Gas Exploration Tender

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Royal Dutch Shell, Eni, BP and Exxon Mobil were among winners of Egypt’s international tender for oil and gas exploration on Tuesday, with 12 concessions awarded in total. It marks Exxon Mobil’s entry into gas exploration in Egypt, while Shell was awarded the most concessions in the tender - three for oil and two for gas. Neptune Energy, Merlon, Shell, Eni and state-controlled Egyptian General Petroleum Corporation (EGPC) were awarded seven oil exploration concessions in total in which 39 wells will be drilled, Egypt’s petroleum ministry said in a statement. Egypt has in recent years reached maritime demarcation agreements with several countries in the region in a push towards increased oil and gas exploration. Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla told a press conference.

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"Invasion" on Egypt: Bob Dudley Group CEO of BP was at the Egypt Petroleum show in Cairo yesterday. BP has spent more than $30 billion in Egypt over the past 50 years and plans to invest $1.8 billion in Egypt this year – more than in any other market

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Makes a sense. Egypt is Africa’s largest non-OPEC oil producer and its third-largest natural gas producer, after Algeria and Nigeria

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