Egypt launches new bid round for oil and gas exploration

Egypt

CAIRO, August 28, 2024 – The Egyptian Natural Gas Holding Company (EGAS) has launched an international bidding round for 12 blocks in the Mediterranean Sea and the Nile Delta, EGAS announced on Tuesday.

The acreage to be allocated includes 10 offshore blocks and two onshore blocks. The initiative is part of the Ministry of Petroleum and Mineral Resources’ efforts to present new oil and gas exploration opportunities in the Mediterranean Sea and attract investments into the country.

Karim Badawi, Minister of Petroleum and Mineral Resources, said the bid round is also intended to meet a growing interest in increasing Egypt’s production of natural gas, which has become an increasingly important element in both the domestic and global energy mix.

The closing date for the submission of bids will be February 25, 2025.

In 2023, Egypt launched a USD 1.8-billion exploration campaign in the Mediterranean Sea and Nile Delta involving Eni, Chevron, ExxonMobil, Shell and BP. The project contemplated the drilling of up to 35 wells until 2025.

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