Companies will invest $ 245 million to drill at least 13 new exploratory wells during the exploration period.

A consortium of Chevron Egypt and  Shell's BG Group was awarded the North Samian offshore block and Northwest Atoll offshore block, where it will drill two exploratory wells in each block.

The North Ras El Tin offshore block was awarded to Eni's IEOC, with plans to drill three exploratory wells.

Cheiron Egypt will drill three exploratory wells in East Alexandria offshore block, while IPR will drill two exploratory wells in the North Tanta onshore block and Perenco will conduct 3D seismic survey and drill one exploratory well in El Fayrouz onshore block in North Sinai.

--Reuters--