Two Egyptian state-owned companies have announced an international auction for 22 oil and gas concessions in the region.
The concessions, auctioned by Egypt’s General Petroleum Corporation (EGPC) and Natural Gas Holding Company (EGAS), cover areas in the Suez Canal, Egypt’s western desert, Mediterranean sea and the Nile Delta.
The auction will end on May 19.
Earlier this month the government approved seven new exploration contracts with multinational firms such as BP, Dana Gas Emirati and Petroceltic International, worth an approximate $1.2billion (£730million) to the energy sector.
The companies have been among those previously complaining of suffering losses from Egypt, due to low pricing arrangements as well as an outstanding debt for provision of energy to the country which has this year reached $6billion.
The country began its debt repayments last week, paying out $1.5billion with a further $3billion to be paid over the next four years.