Sun rises again on Egyptian riches

By Nassir Shirkhani London

 17 May 2012 22:59 GMT

Egypt’s onshore exploration scene is showing fresh signs of life after a period of political chaos following the overthrow of autocratic leader Hosni ­Mubarak in February 2011.

There was a palpable sigh of relief from state-owned Egyptian General Petroleum Corporation (EGPC) after international oil companies gave a relatively warm response to its latest licensing round involving 15 blocks.

“We are happy with the level of interest. We did not expect this,” says a senior EGPC official, referring to 25 ­offers from 12 companies chasing the onshore blocks.

However, the enthusiasm is dampened by the fact that the round has attracted only one newcomer, albeit a fellow Arab-controlled company — London-listed Dragon Oil, that has made its Egypt debut by bidding…

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