Egypt's EGAS Awards 6 Blocks in Mediterranean, Nile Delta, N. Sinai to Int'l Companies
Egypt's EGAS has awarded four blocks in the Mediterranean, one in the Nile delta, and one in North Sinai to international companies, according to a petroleum ministry statement on Wednesday.
Companies will invest $ 245 million to drill at least 13 new exploratory wells during the exploration period.
A consortium of Chevron Egypt and Shell's BG Group was awarded the North Samian offshore block and Northwest Atoll offshore block, where it will drill two exploratory wells in each block.
The North Ras El Tin offshore block was awarded to Eni's IEOC, with plans to drill three exploratory wells.
Cheiron Egypt will drill three exploratory wells in East Alexandria offshore block, while IPR will drill two exploratory wells in the North Tanta onshore block and Perenco will conduct 3D seismic survey and drill one exploratory well in El Fayrouz onshore block in North Sinai.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
28 minutes ago
- Asharq Al-Awsat
Egypt to Enhance Cooperation with Türkiye in Transport Sector
Egypt hopes to strengthen its partnerships with Türkiye across maritime, land, rail, and air transport to establish efficient trade and navigation corridors linking Asia, Africa, and Europe, thereby facilitating the movement of goods and people. Egyptian Deputy Prime Minister for Industrial Development and Industry and Transport Minister, Kamel el Wazir, affirmed on Saturday that Egyptian-Turkish cooperation can play a pivotal role in advancing development across Africa. 'This can be achieved via joint projects such as port development, the establishment of cross-border railway lines and the launch of new logistics corridors to boost intra-African trade and open new markets for the continent's products,' Wazir said. Speaking at the 2025 Global Connectivity in Transport Forum held in Istanbul, the Minister said, 'Egypt is working to realize a leap in its transportation sector through a national strategy aiming to have smart and sustainable transport, boost infrastructure, and promote regional-international connectivity.' Egypt is considered Türkiye's number one trading partner in Africa. Turkish Ambassador to Egypt Salih Mutlu Sen earlier said the volume of new Turkish investments in the Egyptian market reached $500 million this year. Head of the Egyptian-Turkish Business Council Adel el-Lami said strategic relations between both countries are moving at a stronger pace than they were before 2013 with the increase of Turkish investments in various fields in Egypt, offering more than 180,000 direct and indirect job opportunities. El-Lami told Asharq Al-Awsat that part of the cooperation mechanisms is related to the implementation of strategic partnerships in maritime transport through increasing the number of containers on shipping lines that connect the two countries and pass through the Suez Canal. Also, cooperation between both countries is linked to enhancing agreements in several sectors at the governmental and private levels. 'Both countries need to work on removing remaining barriers to trade to further enhance economic cooperation,' he said. During the visit of Egyptian President Abdel Fattah al-Sisi to Türkiye last September, the two countries signed several agreements to boost commercial ties and cooperate on several sectors. 'There are multiple areas of partnership in the field of maritime transportation between Egypt and Türkiye,' said Professor Mohammed Ali Ibrahim, Director of the School of Transportation and Logistics at the University of Istanbul. Ibrahim told Asharq Al-Awsat that Egypt can gradually transform into a 'transit' for Turkish trade heading to the African market. 'This lines with the Egyptian plan to transform the country into a regional export hub,' he said.
Arab News
13 hours ago
- Arab News
Sony appoints Ruder Finn Atteline to lead regional PR
Sony Middle East and Africa has appointed Ruder Finn Atteline, a global integrated marketing and communications consultancy and the MENA arm of the Ruder Finn group, to manage its regional PR communications mandate across the Middle East. The agency will lead strategic PR communications for Sony's consumer electronics division, covering Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman and Egypt. Ruder Finn Atteline's appointment includes handling Sony's BRAVIA televisions, home audio systems, advanced digital imaging products, audio solutions such as the newly expanded ULT Power Sound series, and the INZONE range. The partnership follows Ruder Finn Atteline's recent brand refresh and strategic senior appointments, strengthening the agency's expertise in consumer and corporate communications. Sophie Simpson, managing director of Ruder Finn Atteline — MENA, said: 'Sony is a brand that resonates globally, but also connects deeply with audiences here in the region. This partnership reflects the kind of work we want to do more of — bold, meaningful, and built on shared ambition, while also fulfilling Sony's purpose to fill the world with emotion through the power of creativity and technology. As we continue to expand our presence in the Middle East and North Africa, our focus remains on creating real impact for all our clients. Collaborating with iconic brands like Sony propels us closer to our goal of shaping the future of communications through culture and creativity.' Jobin Joejoe, managing director, Sony Middle East and Africa, added: 'At Sony, our ambition is fueled by a relentless drive to inspire and fulfill the curiosity of our audiences across the MENA region. We believe in creating meaningful experiences that go beyond technology. Experiences that connect with people on a deeper, more personal level. Our partnership with Ruder Finn Atteline is a natural extension of this vision.' Last month, Ruder Finn announced the opening of its fully combined office and regional headquarters in Riyadh, following the successful acquisition of Atteline.
Arab News
13 hours ago
- Arab News
MENA firms surge with fresh funding, bold pivots
RIYADH: Startups across the Middle East and North Africa are attracting fresh capital, forging strategic partnerships, and expanding into new verticals as regional innovation gains momentum. Saudi Arabia-based automotive services platform Morni has received new investment from STV via its recently launched $100 million NICE fund. The funding amount remains undisclosed but is expected to support Morni's expansion beyond roadside assistance into a broader automotive services ecosystem. The company now operates in auctions, insurance third-party administration, garages, and parts recycling. Founded in 2015 by Salman Al-Suhaibaney, Morni positions itself as a technology-driven mobility platform at the center of Saudi Arabia's automotive digital transformation. Valu lists on Egyptian Exchange Valu, a buy now, pay later fintech platform founded in 2017 and operating under EFG Hermes Holding, has officially listed its shares on the Egyptian Exchange. The listing was achieved via a non-public, in-kind dividend distribution of 20.49 percent of Valu's share capital by EFG Holding to its shareholders. Amazon has acquired a 3.95 percent stake in Valu at 6.041 Egyptian pounds per share, while EFG Finance Holding retains a 67 percent ownership post-listing. Valu now operates in both Egypt and Saudi Arabia and claims to have captured a 25 percent share of Egypt's consumer finance market. In 2024, Valu reported a 66.5 percent growth in issuances, significantly outpacing the broader market's 31.2 percent growth rate. AppliedAI raises $55m in series A round UK-founded and UAE-based AppliedAI has raised $55 million in an oversubscribed series A round led by G42, Bessemer Venture Partners, and strategic partner e&. Middle East Venture Partners also participated in the round, which will support the company's global expansion and deepen its reach across the MENA region. AppliedAI, founded in 2021 by Arya Bolurfrushan and relocated to the UAE in 2022, uses artificial intelligence to automate the processing of medical billing records and insurance claims — an area typically reliant on slower, manual outsourcing methods. The new capital injection follows a $42 million raise in 2022 from G42 and the Al Maktoum family. The company now plans to strengthen its product offerings and increase partnerships within the UAE's emerging AI ecosystem. Nowlun raises $600k to embed AI in logistics Egyptian logistics startup Nowlun has secured a $600,000 seed round extension led by Ingressive Capital, raising its total funding to $2.3 million. The Cairo-based company provides an online freight forwarding platform that lets users compare and book shipping services tailored to their needs. Founded in 2021 by Moataz Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun plans to use the funds to scale its AI-powered Smart Logistics Assistant, expand operations across Egypt and Saudi Arabia, and improve decision-making in the region's fragmented shipping industry. 'This is more than just funding; it's a strategic push to embed AI at the core of logistics,' said CEO Moataz Khamis. 'We're building your smart Logistics Assistant — a tool that puts decades of industry expertise in the palm of your hand, helping you make faster, smarter shipping decisions every day.' raises pre-seed funding Egyptian startup has closed a pre-seed funding round led by Qora71, Hub71's angel syndicate, with participation from other regional angel investors. Founded in 2024 by Ahmed Mandour and Yasser Al-Sarrag, provides AI-powered room and flatmate matching services for furnished rentals on flexible leases. The new capital will be used to scale operations in Egypt, enhance the platform's technical capabilities, and expand into new urban centers across the MENA region. The company aims to establish a leading regional co-living brand focused on convenience and compatibility. Related secures $8m in new funding UAE-based loyalty and rewards company Related has raised $8 million in new funding from Saudi investment firm Equivator. Founded in 2014 by Rabih Farhat, Related offers loyalty programs and a digital rewards infrastructure across sectors including telecom, banking, retail, utilities, and entertainment. The investment will be used to roll out AI- and blockchain-based solutions, improve gamification tools, and support expansion into the Saudi market and other territories. Additionally, Related will launch the 'Related Loyalty & Fintech Authority,' a regional forum aimed at advancing policy and knowledge in the loyalty sector. 'We are thrilled to welcome Equivator as a strategic partner on our journey to redefine loyalty and engagement in the region,' said Farhat, CEO of Related, adding: 'This partnership is more than a transaction; it's a transformation, a joint mission to reshape the future of fintech-powered loyalty solutions in line with the Kingdom's innovation agenda.' Netaj launches Iraq-focused venture studio Nawat Iraq-based innovation platform Netaj has launched Nawat, a venture capital studio providing a structured six-month program for 40 early-stage startups. Nawat includes three tracks — ideation, minimum viable product, and early-stage — accompanied by bootcamps, mentorship, and access to capital. The studio offers hybrid investments combining in-kind support of $10,000–$25,000 and direct capital of $25,000–$250,000 via convertible notes or equity. Nawat expects to back five to 10 high-potential companies with the aim of building scalable, investor-ready businesses capable of regional growth. Aria Ventures commits $1m to early-stage deep tech Cairo-based venture studio Aria Ventures has launched a $1 million investment initiative to support early-stage deep tech startups in Egypt over 2025–2026, with plans to increase this to $4 million over four years. The studio focuses on startups in AI, robotics, biotechnology, and other science-intensive sectors. Aria Ventures' approach involves end-to-end company building — offering support from ideation to product development, infrastructure, legal, and commercialization. This is complemented by strategic capital deployment aimed at turning pioneering research into scalable, investor-ready businesses. The studio recently introduced the DeepTecher competition to identify high-potential innovations that can be developed into viable companies. Winners will receive investment and access to Aria's venture-building resources. Talenteo raises undisclosed investment to expand in Francophone Africa Algerian human resources tech startup Talenteo has secured an undisclosed six-figure investment from Tunisia-based 216 Capital. Founded in 2022 by Tarik Metnani and Louai Djaffer, Talenteo provides HR and payroll management software tailored to African SMEs and mid-sized companies. The new funding will be used to support Talenteo's entry into Tunisia, accelerate product development, and facilitate expansion across Francophone Africa. The company aims to offer comprehensive HR solutions for a region often underserved by enterprise-grade platforms.
