Egypt awards int'l energy companies 6 exploration blocks expecting $245 mln in investment
Egypt is ramping up its oil and gas ambitions by awarding six new exploration blocks to top international energy companies, expecting to attract $245 million in fresh investment, a statement by the Ministry of Petroleum and Mineral Resources said Wednesday.
The move, announced by the Egyptian Natural Gas Holding Company (EGAS), will see at least 13 new wells drilled across the Mediterranean Sea, the Nile Delta, and North Sinai.
This marks a significant step toward boosting domestic energy production and attracting international interest.
The ministry said the action is part of its plan and strategy to attract new investments in exploration and support ongoing efforts to increase production.
These blocks comprise four offshore Mediterranean blocks offered as part of the 2024 global bid round on the Egypt Upstream Gateway and two onshore blocks in the Nile Delta and North Sinai.
The blocks and companies are as follows:
** The North Semonian Offshore and North West Atoll Offshore blocks were awarded to the Chevron Egypt and BG (Shell) consortium, with two exploration wells planned in each block.
** The North Ras El-Teen Offshore block was awarded to IEOC Production (Eni), with three exploration wells planned.
** The East Alexandria Offshore block was awarded to Cheiron Egypt, with three exploration wells planned.
** The North Tanta Onshore block in the Nile Delta was awarded to IPR, which plans to drill two exploration wells.
**The Al-Fayrouz Onshore block in North Sinai was awarded to Perenco, which plans to conduct a 3D seismic survey and drill one exploration well.
A diverse range of blocks, including several underexplored offshore fields in the Mediterranean, are still available on the Egypt Upstream Gateway (EUG) for additional investment opportunities.
Bidding for these blocks will close on 2 July 2025, and the results will be announced after the round closes and bids are received.
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