Scramblers have until mid-September to submit bids for Red Sea exploration: The South Valley Egyptian Petroleum Holding Company (Ganope) has extended to mid-September the deadline for submitting bids in its tender for 10 oil and gas exploration blocks off the Red Sea, an unnamed Oil Ministry official said. The deadline, which was previously set for early August, was extended to give more companies a chance to join in.
Background: Ganope launched the tender last March for 10 oil and gas exploration blocks under new production sharing contracts. The new terms give producers a larger share of the output and allow them to sell their share to non-government entities of their choosing, provided they obtain approvals from each of Ganope, EGAS, and the EGPC.
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