Egypt peaks with latest licence round

Success: the EGPC, responsible for overseeing the latest exploration round in Egypt, expressed relief at the level of interest from international oil companies

REUTERS/SCANPIX

By NASSIR SHIRKHANI London

 01 November 2012 23:59 GMT

INTERNATIONAL oil companies have reacted positively to Egypt’s first post-revolution onshore licensing round, picking up 11 of the 15 blocks on offer despite financial and political problems.

Oil company sources confirmed the awards to Upstream, though formal announcements have yet to be made.

Sources told Upstream that Canada’s TransGlobe Energy Corporation has emerged as the biggest winner, with four blocks, followed by Anglo-Dutch supermajor Shell, which added two more concessions to its existing acreage in Egypt.

US independent Apache Energy, the largest oil producer in the prolific Western Desert, bid for six blocks but managed to pick up only one amid tough competition.

Other successful bidders included Dubai-controlled Dragon Oil, which is making its debut in Egypt.

Privately-owned Greek player Vegas Oil…

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