Egyptian Natural Gas Holding Company (EGAS) has launched a new international bid round for the exploration and exploitation of natural gas and crude oil in 12 blocks in the Mediterranean and the Nile Delta.
The bid round includes 10 offshore blocks and two onshore blocks, and bidding will be done through the Egypt Upstream Gateway (EUG) online tool, EGAS said in a news release. The deadline for bidding is Feb. 25, 2025.
The bid round is part of the efforts of Egypt’s Ministry of Petroleum and Mineral Resources to attract new investments to the country, “in line with its strategy to exploit promising opportunities in the field of gas and oil exploration, especially in the Mediterranean Sea, which holds significant potential as a promising basin for natural gas,” the company said.
Minister of Petroleum and Mineral Resources Karim Badawi explained that the launch of the bid round for natural gas exploration supports Egypt’s direction toward intensifying exploration activities in the Mediterranean, noting that increasing natural gas production has become a crucial element in both the local and global energy mix.
This is the eighth bid round of its kind to be launched using the latest digital tools through Egypt Upstream Gateway (EUG), which the ministry launched at the beginning of 2021, according to the release. The tool provides seamless access to essential and updated technical data related to bid rounds, speeding up the process of evaluating investment opportunities and submitting bids, the release said.
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Badawi also announced the availability of additional investment opportunities in exploration, and field development, in open areas.
According to the EUG website, there are currently 472 wells in the 12 blocks: 271 onshore, 201 offshore, and 228 in the Nile Delta. The wells have been drilled by more than 30 operators since 1950 from shallow to deep targets, it said.
