Oil ministry to hold 2 international bid rounds for oil, gas exploration

The Oil Ministry will hold two international bid rounds for oil and gas exploration this year, with one bid covering 16 concession areas, mostly in the Mediterranean Sea, Oil Minister Tarek El Molla said on Monday. The second bid round will cover 11 concession areas in the Nile Valley, Gulf of Suez, and the Eastern Desert. El Molla did not disclose further details. International oil companies, including Shell, Apache Corporation and UAE's Mubadala are all looking at opportunities in the two bid rounds, according to Al Mal.