Egypt announced on Feb. 18 the start of a bid round for exploration and exploitation of oil and natural gas in 24 blocks.
The round, which concludes on Aug. 1, includes nine blocks in the Mediterranean Sea, 12 in the Western Desert and three in the Gulf of Suez, an oil ministry source told Reuters.
Egypt’s gas production has boomed since Italy’s Eni discovered the giant Zohr field off Egypt’s Mediterranean coast in 2015.
The tenders were being offered by the Egyptian General Petroleum Corp. and Egyptian Natural Gas, a ministry statement said.
Egypt also announced the launch of a digital portal, Egypt Upstream Gateway, to provide geological data for petroleum industry exploration and production activities. The country is trying to position itself as an energy hub in the eastern Mediterranean, importing gas from Israel and exporting to Jordan and potentially to Europe and Asia.
U.S. oil producer Apache raised its project spending forecast to $1.1 billion for this year as oil prices have improved since its previous outlook of keeping upstream expenses below a billion dollars.
The NorTex Midstream deal follows the acquisition of Tall Oak II and III by Tailwater Capital last month in Oklahoma’s Arkoma STACK.
Most Pioneer Natural Resources production in the Permian Basin is back online and storm damage repairs are “minor in the grand scheme of things,” CFO Neal Shah said.