Latest news with #EGAS
Business Insider
3 days ago
- Business
- Business Insider
Egypt awards six new blocks in Mediterranean, Nile delta, N. Sinai to global energy firms
The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies. The Egyptian Natural Gas Holding Company (EGAS) allocated six new exploration blocks to international firms. These include four offshore blocks in the Mediterranean and two onshore blocks in the Nile Delta and North Sinai. The awarded contracts involve approximately $245 million in investments to drill 13 exploratory wells. The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies, aiming to ramp up investment in the country's natural gas sector. These include 4 new offshore blocks in the Mediterranean, offered within the 2024 international bid round via the Egypt Upstream Gateway 'EUG', as well as 2 onshore blocks in the Nile Delta and North Sinai. The awarded contracts are expected to bring in approximately $245 million in investments, with plans to drill at least 13 exploratory wells during the exploration phase. Among the awarded blocks, the North Samian and Northwest Atoll offshore blocks were secured by a consortium of Chevron Egypt and BG (Shell), which plans to drill two exploratory wells in each block. The North Ras El Tin Offshore Block was granted to IEOC Production (Eni), which will drill three exploratory wells. Meanwhile, Cheiron Egypt is set to drill three exploratory wells in the East Alexandria offshore block. Onshore, IPR will carry out the drilling of two exploratory wells in the North Tanta block, while Perenco will undertake a 3D seismic survey and drill one exploratory well in the El Fayrouz block located in North Sinai. Broader strategy and future bidding rounds The EGAS announcement complements broader efforts by Egypt's Ministry of Petroleum and Mineral Resources to attract foreign investment and enhance exploration. The EUG platform continues to offer additional investment opportunities, including several undeveloped offshore discoveries in the Mediterranean. The bidding for these assets closes on July 2, 2025, with results expected shortly thereafter. This latest round follows an earlier award this month of seven new exploration and production blocks under the Egyptian General Petroleum Corporation (EGPC), which is expected to attract further investment and lead to the drilling of at least 17 additional exploratory wells. Egypt's gas production has been steadily declining over the past few years, dropping to 3,485 million standard cubic metres in April 2025, according to data from the Joint Organisations Data Initiative (JODI).
Egypt Today
3 days ago
- Business
- Egypt Today
Egypt Expands Energy Investment Horizons with $245M in New Gas Exploration Deals
CAIRO – 25 June 2025: In a major step to attract foreign investment and strengthen its energy sector, the Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to leading international companies, according to the Ministry of Petroleum. The awarded concessions—four offshore in the Mediterranean Sea and two onshore in the Nile Delta and North Sinai—are expected to generate $245 million in new investments and lead to the drilling of at least 13 exploratory wells. The offshore blocks, offered through Egypt's 2024 global bid round on the Egypt Upstream Gateway (EUG), were allocated as follows: North Sidi Barrani Offshore & North West Atoll Offshore: Awarded to a consortium of Chevron Egypt and BG (Shell), with each block slated for two wells. North Ras El-Tin Offshore: Granted to IEOC Production (Eni), which will drill three wells. East Alexandria Offshore: Assigned to Cheiron Egypt, also planning three wells. Onshore, two blocks were awarded: North Tanta (Nile Delta): Awarded to IPR, with two wells planned. Al-Fayrouz (North Sinai): Given to Brenco, which will carry out 3D seismic surveys and drill one well. These developments underscore Egypt's continued push to diversify its energy sources and enhance exploration activity. Additional offshore exploration opportunities in the Mediterranean are still open for bidding through the EUG, with submissions closing on July 2, 2025. Results will be announced following bid evaluation. In parallel, Egypt's natural gas supply chain is facing short-term disruptions. A government official confirmed to Al Arabiya that the resumption of gas supplies to factories has been delayed by another week, due to halted imports from Israel. Current Israeli gas flows to Egypt have dropped to 40–50 million cubic feet per day, significantly below the 650 million initially expected earlier in the week.
Al-Ahram Weekly
3 days ago
- Business
- Al-Ahram Weekly
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. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
5 days ago
- Business
- Zawya
Egypt offers 12 blocks for gas exploration
Egypt has invited foreign companies to hunt for gas in 12 blocks as part of a drive to increase its hydrocarbon resources. The investment opportunities were announced on the Oil Ministry's international bids portal last week and they include five offshore and seven onshore sites. The Ministry said the 12 blocks are open for investment by foreign companies as part of the latest concession licenses round which includes 34 oil and gas opportunities. The gas blocks are offered by the state-owned Egyptian Natural Gas Holding Company (EGAS), which said they are concentrated in the Mediterranean and North Egypt. Egypt's proven gas reserves are officially estimated at around 2.2 trillion cubic metres but it also relies on imports due to its high demand. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Egypt Today
6 days ago
- Business
- Egypt Today
PM Madbouly tours national gas center, oversees arrival of new LNG vessel
Cairo – June 22, 2025: As part of an official tour on Saturday, Prime Minister Mostafa Madbouly visited the National Control Center overseeing Egypt's natural gas network to assess the country's preparedness for increased energy consumption during the summer months. The facility, managed by GASCO, plays a crucial role in distributing gas nationwide and safeguarding supply to key sectors such as electricity generation, manufacturing, and residential use. During the visit, the Prime Minister received detailed briefings on the center's operational capabilities, including its contingency systems and its ability to manage inflows of imported liquefied natural gas (LNG). In a related stop, Madbouly also toured the Energos Eskimo, a newly docked floating regasification vessel at Ain Sokhna Port, which is set to contribute to expanding the nation's LNG import infrastructure. The vessel is part of a government plan to deploy four such ships to enhance LNG import capacity. The Energos Eskimo, the second vessel of its kind after Hoegh Galleon entered service last year, will be transferred to a specially prepared berth at SUMED Port in Sokhna, capable of handling 750 million cubic feet of gas per day. Madbouly described the project as a reflection of Egypt's commitment to energy security and its proactive approach to managing seasonal demand peaks. Petroleum and Mineral Resources Minister Karim Badawi, who accompanied the Prime Minister, confirmed that a second berth at SUMED has been equipped with loading arms and pipelines connecting to the national gas network. Technical preparations for the vessel's integration into the system are expected to conclude within days. Badawi emphasized that the flexibility and resilience of the gas grid allow the state to adapt quickly to supply challenges and maintain reliable service. At the control center, officials from GASCO and EGAS highlighted the use of real-time monitoring systems and simulation software to manage national gas flows and anticipate consumption spikes. The network also coordinates continuously with the national electricity grid to ensure stable power generation, particularly during high-demand summer months. Madbouly praised the strategic approach taken by the petroleum sector, noting its ability to respond swiftly to crises such as the COVID-19 pandemic and global supply disruptions caused by the war in Ukraine. He also welcomed updates on the state's broader LNG strategy, which includes two additional FSRUs currently being prepared at Ain Sokhna and Sonker terminals, and a fourth vessel scheduled to arrive in Damietta this August. Together, the four vessels will bring an additional 2.25 billion cubic feet of gas per day into Egypt's supply mix. Badawi noted that these imports were secured through strategic negotiations with countries such as Jordan and Germany, leveraging Egypt's diplomatic relationships to ensure energy stability amid global market volatility. The petroleum minister concluded the tour by reaffirming that, alongside LNG imports, the government continues to invest in boosting domestic production. Exploration and development efforts are being ramped up, and recent measures to attract investment and stabilize partner payments are expected to gradually reverse natural production declines.
