(MENAFN) Egypt-based General Petroleum Corporation and Natural Gas Holding Company announced an international auction for 22 concessions for oil and gas exploration, The Peninsula reported.
The state-owned companies said in an advertisement that the concessions are for areas in the Suez Canal, Egypt�s western desert, the Mediterranean Sea and the Nile Delta.
Officials in the country suggested changing pricing arrangements to reflect high costs of offshore exploration in deep water, saying that it will spur new investments.
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