World companies compete to prospect for oil in 32 new regions

"World companies' bids will be selected this month to grant oil and natural gas prospection concessions in 32 new regions of 292,000 kilometers, covering 29 percent of the country's area," said Minister of Petroleum Sameh Fahmi.

In statements yesterday after receiving a report from geologist Rifaat khafagi, Deputy Director of the Egyptian General Petroleum Corporation (EGPC) for International Agreements and prospection, Fahmi said that specialized European, Asian and American companies applied to participate in the EGPC bid after security relevant information on the offered areas.

"The information were prepared by the EGPC experts in tandem with the Remote Sensing Authority, the Nuclear Substances Authority and the Oil Research Institute," said Fahmi, adding all the data affirm that the said areas are promising.

He noted that the new areas include eight untapped offshore spots in the Mediterranean Sea with depths reaching 2,000 metres.

"The new agreements, to be signed with the selected companies, will be concluded in accordance with the century agreement, whose arrangements were finalized by EGPC experts to cope with the world changes," said Fahmi.

The Minister expected the selected companies to start their exploratory activities during the second half of this year.