Egypt closes bidding on 13 oil, gas exploration areas, attracting $700m in investments
The bidding process focused on two key areas. The first involved four blocks in the Mediterranean, offered as part of the global bid round launched by the Egyptian Natural Gas Holding Company (EGAS) in August 2024. These blocks present significant opportunities for expanding natural gas exploration and production. The number of exploration areas in the Mediterranean will increase by 23% with the addition of these new blocks, marking a notable development as Egyptian company Cheiron enters Mediterranean exploration for the first time.
The second area of focus included nine blocks onshore, comprising four located within mature fields operated by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company. These fields are targeted for redevelopment to enhance productivity and maximize resource utilization. Additionally, five exploration areas under EGPC and South Valley Egyptian Petroleum Holding Company (GANOPE) hold strong geological potential, supporting the expansion of exploration activities.
Currently, 17 exploration blocks in the Mediterranean are operated by major international energy companies. Eni holds seven blocks, while ExxonMobil and Shell each operate three. Chevron and BP each control two, in collaboration with global partners such as Qatar Energy, Mubadala, ADNOC, Woodside, Energean, Harbour, and KUFPEC. The latest bidding round attracted considerable interest from both international and local investors, with new Egyptian entrants such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas, demonstrating growing confidence in Egypt's petroleum sector.
Exploration activity is expected to surge in the coming months with the injection of new investments, and in the event of commercial discoveries, total investments could double. The Ministry of Petroleum has committed to expediting the evaluation process, with EGAS and EGPC set to announce bid results within two months, while the General Petroleum Company will disclose its results within one month. This streamlined process ensures a continuous flow of investment and further strengthens Egypt's energy sector.
Looking ahead, the ministry is preparing to launch new investment opportunities, including additional exploration areas and mature fields, through the open acreage system. This approach provides companies with a flexible mechanism to participate in exploration and production activities, reinforcing Egypt's position as a key player in the global energy market.
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