Egypt to announce major tender on hydrocarbon field exploration
Azerbaijan, Baku, Dec. 5 / Trend A.Tagiyeva /
Egypt is going to declare a major tender for the exploration of oil and gas fields in the country, Egyptian Petroleum Minister, Osama Kamal said, Al Arabiya TV channel reported on Wednesday.
The conditions and terms of the tender will be announced in the coming days, Kamal said.
Some 20 oil and gas blocks in the south of the country will be put out to tender. According to Kamal, the participation of many international oil and gas companies is expected.
Kamal said Egypt is planning to increase oil production and reduce the country's dependence on foreign supplies.
He also noted that Egypt will facilitate lending conditions to foreign entrepreneurs, and take a number of measures to simplify the investment process in the country's economy which will create favourable conditions for investors.