Concessions...to boost investment in energy sector
Egypt awards $100m oil and gas concessions
CAIRO, August 4, 2015
Five oil and gas concession awarded by Egypt are set to bring in a minimum total investments of about $100 million, according to a report.
It comes as part of an effort to boost investment in the key energy sector, said the Arab Finance report.
The country has gone from exporting energy to being a net energy importer and wants to boost local production to help the country cope with its worst energy crisis in decades, it said.
It will include a consortium of the Emirati firm Pacific and Malaysia's Hibiscus Petroleum, that will explore in the 68 sq km Southeast Ras El-Ush concession in the Gulf of Suez, with an investment of $68 million, said the report.
Kieron Megawish will explore in the 194 sq km North Megawish concession in the Gulf of Suez, with an investment of $23 million, it said.
The other three concessions were awarded with investments of $7 million, it added.
