Egypt is putting up more blocks for auction as it aims to decrease severe power shortages caused by increasing energy demand and falling supply

Egypt will auction 8 oil and gas blocks in Mediterranean

CAIRO, February 23, 2015 – Egypt is to hold an auction for eight oil and natural gas exploration blocks in the Mediterranean before the end of February, according to the country’s oil ministry.

West Arish Marine, East Port Said Marine, North Rumana Marine, North Ras al-Ash Marine, West al-Timsah Marine, South Taneen Marine, North Hammad Marine, and East Alexandria Marine are the eight blocks for auction and they cover an area of 11,849 square kilometres.

Egypt’s government has speeded up tenders for exploration and production blocks and improved the terms for deals to attract major energy companies, as it seeks to boost production to put a stop to the persistent energy shortages.

The rising demand for energy and decreasing output have turned Egypt from an exporter into a net importer. The country has at the moment has three exploration and production agreements under way worth $9.2 billion, the oil ministry and signed 15 new exploration deals in January.

Read our latest insights on: