(Ecofin Agency) - Apex International Energy has announced that it has been awarded Blocks 8 and 9 in the Abu Gharadig Basin in Egypt's Western Desert by the Egyptian General Petroleum Company (EGPC) from the 2016 Bid Round. This is coming after the Ministry of Petroleum last week announced that it received six bids for oil and gas exploration worth a total investment of close to $200 million.

“We are delighted that EGPC has awarded Apex our first concessions in Egypt, enabling us to establish a foothold in the prolific Western Desert. With 1.7 million acres now in hand, this is an important step in our mission to build an oil and gas business of scale in Egypt and we are eager to start investing in the considerable potential of these Blocks,” Roger B. Plank, Founder and Chief Executive Officer of Apex International Energy, said.

Both situated in the prolific Abu Gharadig Basin in Egypt's Western Desert, Block 8 and 9 covers a total of 6,714 km² (Block 8, West Badr el Din 4,180 km² and Block 9, South East Meleiha 2,535 km²).

The independent oil and gas exploration and production company focused on Egypt plans to invest $27.4 million during the first exploration phase to secure and process a 3D seismic and drill six exploration wells, Your Oil and Gas News reports.

According to the president and COO of Apex, Thomas M. Maher, the company will work with EGPC and Egypt’s Ministry of Petroleum to finalize the concession agreements as soon as possible.

Anita Fatunji