Egypt launches 1st int'l tender for developing 'aging' oilfields

MENA , Friday 3 Mar 2023

Minister of Petroleum and Mineral Resources Tarek El-Molla announced the launch of the first international tender of its kind for developing "aging" oilfields through the Egypt Upstream Gateway (EUG).

 Tarek El-Molla
Minister of Petroleum and Mineral Resources Tarek El-Molla


The tender will include eight wells in the Gulf of Suez and the Eastern Desert, including the Ras Badran, Jazurina, Ras El-Ush and Shukair, East Zeit, Ashrafi and Wadi El-Sahl oilfields.

In statements on Thursday, the minister said that the tender was put forward for the first time following studies that had been conducted on the aging wells that still contain quantities of crude oil.

He also underlined the petroleum sector's interest in attracting oil exploration, production and service companies to work in these fields, which require the use of the latest technologies to extract crude oil from reservoirs.

These oilfields represent an investment opportunity in light of the high international prices that encourage companies to invest in these wells, the minister added.

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