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Abu Dhabi, UAEThursday 21 June 2018

Egypt to hold auction for oil exploration

Areas include Wadi Dara and block G in West Gharib

Oil firms can bid for exploration in the Egyptian desert. Amr Abdallah Dalsh/Reuters
Oil firms can bid for exploration in the Egyptian desert. Amr Abdallah Dalsh/Reuters

Egypt's General Authority for Petroleum (EGPC) announced on Sunday it would hold a tender for oil exploration in the country's Eastern Desert.

The areas open for exploration include Wadi Dara, with a total area of 50 square kilometres, and block G in West Gharib, with an area of 20 square km.

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Bids must be submitted by December 28, according to an advertisement EGPC posted in local newspapers.

Egypt has been pushing for new oil and gas discoveries and speeding up production at existing fields, aiming to cut down on imports and return to exporting natural gas in coming years.