Minister of Petroleum and Mineral Resources Tariq Al-Mulla announced the results of the offers from the Petroleum Authority and Natural Gas Holding Company EGAS. This auction was the first time Exxon Mobil Company came to Egypt in the field of drilling and exploration, which shows the development of the investment climate in Egypt. In the petroleum sector.
The minister said during the second day of the conference, "IBS 2019", that the Dutch company "Shell", after the suspension had the largest share, winning the lion's share of five new concession areas in cooperation with the "Petronas" Malaysia also within these bidders.
The Petroleum Minister praised the efforts of foreign oil companies participating in the two bidders, pointing out that the financial commitment of the two auctions is 750 to 800 million dollars, confirming the seriousness of companies to work in Egypt.
Al-Mulla said 38 wells are expected to be auctioned, auctioned by the General Petroleum Authority, compared to 21 bidding companies Holding Natural Gas "EGAS", which will win companies to start drilling and exploration.