Egypt to issue global tender to explore oil in Red Sea

Egypt’s Petroleum Ministry is in the process of issuing a global tender before the end of this year to explore petroleum wealth, including in the Red Sea. (Reuters)
Updated 11 March 2018
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Egypt to issue global tender to explore oil in Red Sea

CAIRO: Egypt’s Petroleum Ministry is in the process of issuing a global tender before the end of this year to explore petroleum wealth, including in the Red Sea.
The tender notice will be published for the exploration of petroleum products in oil reserves, including new sectors in the Red Sea, minister Tarek el-Molla was quoted by Egypt Today as saying.
Molla surveyed on Saturday the geophysical data collection process from Egypt's economic zone in the Red Sea.
The project is being implemented by an alliance between “Western Gecko – Schlumberger” and "TGS," with total investment worth $750 million.
The minister emphasized the project's importance in attracting global companies to carry drilling operations and make new discoveries.
South Valley Egyptian Holding Company would be enabled to offer international bids for oil exploration in Egypt's economic waters in the Red Sea, something that was not possible without the demarcation of the maritime border with the Kingdom of Saudi Arabia, Molla clarified.
He stated that the companies have collected 95 percent of the data that was outlined in the project's plan and around 9,500 kilometers have been covered so far.


Unaoil’s former Iraq partner pleads guilty to bribery

Updated 34 min 15 sec ago
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Unaoil’s former Iraq partner pleads guilty to bribery

  • It is the first guilty plea to result from a three-year investigation by the Serious Fraud Office into suspected bribery and money laundering
  • Unaoil is a Monaco-based oil and gas firm

LONDON: The former partner in Iraq for Unaoil, a Monaco-based oil and gas consultancy, has pleaded guilty to five counts of bribery in the first conviction in a three-year criminal investigation by Britain’s Serious Fraud Office (SFO).
Basil Al Jarah, 70, pleaded guilty on July 15 to conspiring to give corrupt payments in connection with the award of contracts to supply and install single point moorings and oil pipelines in southern Iraq, the SFO said.
Al Jarah’s conviction, which comes six months before three other defendants in the case face a criminal trial in London, was announced after a judge lifted reporting restrictions in a pre-trial hearing on Friday, the SFO said.
Ziad Akle, Unaoil’s former territory manager for Iraq and Stephen Whiteley and Paul Bond, who worked for Dutch-based oil and gas services company SBM (Offshore), have pleaded not guilty.
Akle, 44, has been charged with three offenses of conspiracy to make corrupt payments. Bond, a 67-year-old former senior sales manager with SBM (Offshore), and Whiteley, a 64-year-old former vice president of SBM (Offshore) and one-time Unaoil general territories manager for Iraq, Kazakhstan and Angola, each face two counts.
Sam Healey, a lawyer at JMW Solicitors who is representing Whiteley, said his client “strenuously denied” all alleged offenses.
“Mr Whiteley co-operated fully with the SFO as they opened their enquiries and will rigorously defend the charges,” he said.
Lawyers for Al Jarah and Bond declined to comment. A lawyer for Akle was not immediately available for comment.
A spokeswoman for Unaoil declined to comment, while SBM Offshore has said it is company policy to not comment on past or current employees.