(MENAFN) On Saturday, Egyptian Minister of Oil Tarek El Mulla highlighted the importance of utilizing global search and exploration companies to increase Egypt's oil production through new oil explorations in the Red Sea.
This came during an inspection of the Geophysics Data Collection Project.
Mulla noted that the ministry will offer an international bid on the global companies to explore new fields in the Red Sea by the end of 2018.
"The project will allow for obtaining more clear data on the deep geological structures and the potential oil fields in the Red Sea," Mulla said. He added, "The project will enable Ganoub al-Wadi Petroleum Holding Company to offer international bids on the exploration of oil fields and utilize the Egyptian economic waters in the Red Sea."
Egypt's oil and gas exploration efforts have been receiving increasing attention lately after the discovery of the massive offshore natural gas field Zohr in the Egyptian territorial waters of the Mediterranean.
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