Egypt’s petroleum ministry launched an international bidding round for exploration in 23 open blocks, with the offer deadline set for Feb. 25.
The round includes 10 areas in Egypt’s Western Desert, two in the Eastern Desert, seven in the Gulf of Suez and four in the Red Sea, the ministry said.
Egypt, the most populous Arab country, has sought to position itself as a regional energy hub. The oil rich nation is presently in the middle of cross fire between Israelis and Palestinian war instigated by a terrorist organization called Hamas, The war has presently claimed about 5000 Palestinians and 1500 Israelis lives.
The effect of the ongoing war in the region on the current bidding round has not being currently disclosed by the Egypt’s Ministry of Petroleum as international investors have been advised to stay clear from the region.
