Egypt's Ministry Launches International Bid Round for Natural Gas and Crude Oil Exploration

The Egyptian Ministry of Petroleum and Mineral Resources announced the initiation of a new international bid round for 2024. 

The purpose of this bid round is to explore and exploit natural gas and crude oil in twelve blocks in the Mediterranean and the Nile Delta. 

The initiative, organised by the Egyptian Natural Gas Holding Company (EGAS), encompasses ten offshore blocks and two onshore blocks through the Egypt Upstream Gateway (EUG). 

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This bid round aligns with Egypt’s goal to attract new investments in the oil and gas sector, especially in the Mediterranean Sea, which is considered to hold potential as a natural gas basin. 

The new bid round is expected to capitalize on the untapped potential of this basin, contributing to the country's economic growth and energy security. 

“The launch of this bid round for natural gas exploration supports Egypt's direction toward intensifying exploration activities in the Mediterranean, especially considering the growing interest in achieving new discoveries and increasing natural gas production, which has become a crucial element in both the local and global energy mix,” as stated by the Minster of Petroleum and Mineral Resources, Eng. Karim Badawi. 

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This marks the eighth bid round of its kind to be launched utilizing the latest digital tools through the Egypt Upstream Gateway, a platform introduced by the ministry in early 2021. 

The EUG provides access to crucial and updated technical data related to bid rounds, facilitating the assessment of investment opportunities and the submission of bids. 

In addition to the bid round, Eng. Karim Badawi also announced that there are further available investment opportunities to explore and develop the open areas of Egypt.