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More Egyptian acreage will be put up for tender according to the country’s Minister of Petroleum, Tarek El Molla. The Ministry is planning to increase investment opportunities for oil and gas exploration by offering new tenders for acreage in the Red Sea and West Mediterranean areas, according to El Molla.
El Molla stated that the Ministry will offer an international exploration tender for the Red Sea depending on the results of an upcoming seismic survey project slated to take place in December 2018, a report in the Egypt Independent said.
The seismic survey, being conducted by WesternGeco Schlumberger, aims at identifying non-exploratory oil and gas areas and find new geological layers in current production areas at the Gulf of Suez.