International auction to search for oil and gas in 15 Egyptian areas

The Egyptian General Petroleum Corporation EGPC is preparing to hold an international auction for foreign companies to search for oil and natural gas in 15 new areas in Egypt.

The depucty chairman of EGPC, Mohammad Shoaib, said the Egyptian Ministry of Petroleum aims to increase Egyptian production of crude oil and natural gas by searching in 15 areas in the Suez gulf, the eastern and western deserts soon.

Shoaib added there are proposals from new investors investing their money into Egypt. He noted the petroleum sector is not negatively affected by the Egyptian January 25 Revolution.

The Egyptian production of crude oil reached 700,000 barrel per day, while natural gas reached 6.3 billion cubic feet.