Oil Ministry to issue oil and gas exploration tenders for Red Sea concessions soon

The Oil Ministry is preparing to sign 12 new oil agreements with a combined investment value of at least USD 433 mn, Minister Tarek El Molla said yesterday, Al Masry Al Youm reports. The ministry is also gearing up to issue the first international tenders for oil and gas exploration along Egypt’s Red Sea border with Saudi Arabia. The tenders are contingent on geological scans in the area, which industry sources had previously said should be complete sometime in 1H2018.