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Egypt minister says BG, Edison bid for Abuquir field

Sat Apr 19, 2008 8:25pm IST
 
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ROME, April 19 (Reuters) - Italy's power group Edison (EDN.MI: Quote, Profile, Research) and Britain's BG (BG.L: Quote, Profile, Research) are the main competitors for a stake in Egypt's Abuquir gas field and bidding results would be announced soon, Egypt Oil Minister Sameh Fahmy said on Saturday.

"There was bidding and we are assessing offers now ... Lots of majors (took part), but I think the main competition is going to be between Edison and BG," Fahmy told reporters on the sidelines of the International Energy Forum in Rome.

"Edison may have a very good deal in Egypt soon ... We expect a decision within a few weeks," Fahmy said.

According to various estimates, Abuquir field reserves amount to between one trillion cubic feet and 2.5 tcf, Egyptian oil officials said.

Export of gas is one of the options for developing the field, Fahmy said.

He said Egypt was in talks with various Italian companies about taking part in projects to build liquefied natural gas (LNG) terminals there, but declined to give details.

(Reporting by Svetlana Kovalyova; Editing by Ruth Pitchford)

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