Egypt announces first post-uprising oil, gas round

The Egyptian General Petroleum Corporation (EGPC) plans to hold its first oil and gas bidding round since the uprising that toppled President Hosni Mubarak, its website said on Tuesday.

The state-owned EGPC invited international firms to bid to explore for oil and gas in Egypt under a production sharing agreement, offering 15 exploration blocks, the announcement said.

The bidding deadline is Jan. 30, 2012.

The areas include the Gulf of Suez, the Eastern Desert, the Western Desert and some parts of Sinai.

Egypt’s proven reserves of oil and gas rose to 18.3 billion barrels equivalent in the year to the end of June 2010 and the country has said it expects to boost them to 20 billion over the next two years.

Reuters