Large quantities of gas have been discovered in the Red Sea, Saudi state news agency SPA quoted energy minister Khalid al-Falih as saying.
Falih also said Saudi Aramco was studying possible LNG project acquisition opportunities in the United States, adding that Aramco also aims to invest in South Africa where the oil giant is studying a petrochemicals project.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
The attempted divestment is the latest to emerge from the U.S. GoM as higher oil prices allow those with capital-intensive investments in the basin to sell them at much more attractive valuations than in recent years.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.