In October 2019, a PSC was formally gazetted awarding the Egyptian National Petroleum for Exploration & Development Company (ENPEDCO) the concession for the 3,367 sq km South East Ras Qattara (SERQ) block.  The concession agreement was signed on 5 September 2019 and follows the Energy & Environment Committee and House of Representatives (HoR) approval on 11 June 2019. The out-of-round award had been provisionally agreed in Q4 2018.  The PSC is for a maximum eight-year term (5+3) with commitments in the first period of G&G studies, one exploration well and a US$ 1 million minimum investment. In the second exploration period, commitments include additional G&G studies and one well. A US$ 1 million bank guarantee has also been lodged.  SERQ lies in the Abu Gharadig Basin. It includes exploration acreage formerly licensed to Enap under the East Ras Qattara PSC (relinquished 2011) and also encloses nine development leases (DL) held by Petroshahd (East Ras Qattara PSC) and Qarun Petroleum (Qarun PSC). The area contains at least six undeveloped oil discoveries, with the last made by Enap in 2011 (Shebl East 1, TD 4,142m). The company estimates in-place resource of 66 MMbo. ENPEDCO was only formed in 2017 and is 70% owned by the National Service Projects Organization, the investment arm of the Egyptian military. EGPC hold a 20% stake, with state E&P company General Petroleum Co (GPC) holding the remaining 10%. ENPEDCO operates the concession with 100% equity. 
Egypt, Ras Qattara (Dev)