With first production from Eni’s giant discovery likely to be less than a year away and other finds on the path to development, the country is taking the chance to revamp and streamline the bidding process.
Egypt’s upstream sector was given a much-needed boost when Italian operator Eni discovered the giant Zohr field in the summer of 2015.
With first production from Zohr now likely to be less than a year away and other significant discoveries also on their way to production, there is a much more optimistic view of the country’s potential, despite the economic and political challenges it still faces.
Now, though, with Eni having attracted new investors to Zohr in the form of UK supermajor BP and Russian state-owned giant Rosneft, plus new acreage having been awarded from outstanding rounds, Egypt is pausing its licensing rounds in both the promising gas-prone Mediterranean Sea and the mature oil-bearing onshore areas.
