Egypt oil production needs 21st century revamp: executive - PLATTS

Cairo (Platts) 16 Feb 2017 842 am EST/1342 GMT

Nick Coleman, Edited by Maurice Geller

Egypt needs to rethink the joint venture model that has governed its onshore oil industry for the past half century as part of wider reforms to the economy, according to James House, senior region vice president for the country's largest international oil producer, Apache.

At a conference in Cairo this week, House told journalists Apache would increase its capital spending in Egypt this year from last year's level, which was around $300 million, as it takes on new concessions and steps up seismic acquisition.

Details of EGPC Bid Round 2016 announced by the Ministry of Petroleum - ENERGY EGYPT

December 4, 2016

Results of the 2016 EGPC International Bid Round, in which 11 blocks were offered for oil and gas exploration in the Western Desert and the Gulf of Suez, were announced by the Ministry of Petroleum in a press release on Friday.

The bids are worth a total minimum investment of $200 million, $68.2 million signature bonuses and the drilling of 33 exploration wells.

Of the 11 blocks offered, six blocks were awarded; five in the Western Desert and one in the Gulf of Suez.