Egypt said on Tuesday it awarded contracts for a minimum investment of $1.2 billion in eight oil and gas prospection projects in the Mediterranean Sea off its northern coast.
A statement from the ministry of petroleum said the awards were the result of an international tender which received 13 offers from domestic and foreign companies. It said the winning companies will pay $73.2 million for the licences.
The firms include BP, Petroceltic International , Edison, Sea Dragon, Dana Gas , IEOC, a subsidiary of Italian oil major ENI and Pura Vida Energy.
Last year, Egypt's state-owned Egyptian Natural Gas Holding Company (EGAS) postponed by three months the closing date for international companies to bid on 15 concessions due to weak interest in the tender.
EGAS had pushed back the deadline for bidding to Feb. 13 from Nov. 14. It had announced the bidding in June for the exploration blocks in the Mediterranean and Nile Delta basins.