exclusive:%20South%20Valley%20begins%20marketing%20Red%20Sea%20areas%20with%20Schlumberger

A source in the Ministry of Petroleum stated that the Red Sea and Western Mediterranean regions are being marketed outside the Egypt Exploration Portal. These areas are subject to special agreements with Schlumberger and PGS for multi-client regional seismic surveys, and therefore cannot be marketed through the portal.

The source confirmed that since February 2021, there have been 46 exploration areas and mature fields. 30 of these have been awarded, with the remainder currently being awarded. Other areas were acquired through direct negotiations, such as the areas acquired by Apache.

The source added: These 46 exploration areas have generated investments of no less than $2 billion, and if any discoveries are made in them, the investments will be significant.

The source confirmed that the Egyptian South Valley Company and the American Schlumberger will market the South Zone, similar to what is being done through the Egypt Digital Exploration Portal. A seismic survey is currently being studied to conduct new assessments and present them differently as an economic model to attract investment. Dr. Mohamed Radwan, Head of the Egypt Digital Exploration Portal and Deputy Director of Exploration at the South Valley Petroleum Holding Company, has been assigned to undertake this task.

The source noted that the 46 exploration areas have been added to the areas of the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS). The focus is on the South Valley to add a large number of exploration activities in the Red Sea and the southern Western Desert. This is a major challenge being implemented under the auspices of Engineer Karim Badawi, Minister of Petroleum and Mineral Resources.