UPDATE 3-Egypt awards first oil licences since revolution

Thu Nov 8, 2012 10:10am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Awards licences for 11 out of 15 oil blocks

* Shell, TransGlobe named as biggest winners

* Foreign oil firms say some progress on oil debts

By Emma Farge and Maha El Dahan

VIENNA/ABU DHABI, Nov 8 (Reuters) - Royal Dutch Shell , RWE and TransGlobe Energy have won concessions in Egypt's first licensing round since the 2011 revolution in a sign that international oil firms are undeterred by a payment backlog of billions of dollars.

The biggest winners were Canada's TransGlobe with four concessions and Shell with three concessions in the western desert including one via an Egyptian joint venture, the companies said this week.

"We had a total of 15 blocks but we only received offers for 11 of them and so that is what ended up being awarded," an official from the state-owned Egyptian General Petroleum Corporation which offered the blocks told Reuters.

The EGPC official, who declined to be named, had previously said a total of 25 offers were received for the various blocks.

The relatively high level of interest from international firms will likely come as a relief to Egypt which in September owed at least $3 billion to foreign oil firms.   Continued...