Cairo - Mubasher: Egypt’s petroleum ministry will announce the first international tender for exploring oil and gas in the Red Sea concessions after completing the first phase of seismic surveys ahead of the end of this year, the oil minister said on Wednesday.
The oil ministry has managed to overcome a plethora of crises and challenges facing the sector in 2011 and 2012, Tarek El-Molla added.
He noted that the Egyptian oil and gas sector restored its stability in 2013 and 2014 and the following two years have witnessed a slew of reforms on the back of embracing a preemptive strategy to avert the recurrence of crises.
The North African nation has succeeded in reducing debts owed to foreign oil and gas producers to $1.2 billion, the lowest amount since June 2010, El Molla said on the sidelines of a seminar entitled “Egypt on the world's oil and gas chart”, organised by the Egyptian-US Business Council (EUBC).
