JANUARY 10, 2016
The price of Brent on international markets recorded $34.4 on Wednesday and reached a maximum of $45 in November.
The Egyptian General Petroleum Corporation (EGPC) postponed offering new exploration tenders for oil and gas for foreign companies in ten areas until prices of Brent oil stabilise in international markets, instead of offering tenders early in 2016.
Security approvals related to these areas have been finalisaed, CEO of EGPC Mohamed El-Masry said. He said however that the continuous decline in Brent’s prices is not encouraging companies to apply for exploration for crude oil.
