Could Red Sea energy reserves outshine Zohr?

Could Red Sea energy reserves outshine Zohr? Preliminary seismic studies in the Red Sea has indicated there are “huge amounts” of oil in the area that could exceed the magnitude of the Zohr gas field in the Mediterranean, Red Sea Governor Ahmed Abdallah announced yesterday, Al Masry Al Youm reports. A seismic vessel will locate specific areas for oil drilling in September before the Oil Ministry issues a global tender to begin drilling in the area, according to Abdallah. For now, we’re taking Abdallah’s words with a grain of salt until we here from the Oil Ministry. Oil Minister Tarek El Molla had said last month that the ministry is planning to issue an unspecified number of drilling tenders in the Red Sea by the end of the year.