Forbes: Egypt Moves to Extend Natural Gas Opportunities

Still facing a daunting energy crisis, which has brought immense pressure to the need for domestic production, Egypt extended a tender for gas exploration by two months, adding new blocks in the process.

This week, Cairo announced that they would extend its tender for offshore natural gas exploration by two months, adding four new blocks to those available, totaling 7,934 square miles, according to a Reuters report. Under the new criteria, the bidding will now run to July 30, allowing more time for potential international firms to join the effort to revive the country’s domestic energy production.

Italian major Eni, BP and BG are already active in the area.

The extension comes at a time when Egypt continues to struggle to meet its domestic demand, as well as draw down significant debts to international producers. 

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