Latest news with #EgyptianNaturalGasHoldingCompany
Business Insider
25-06-2025
- 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
25-06-2025
- 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
25-06-2025
- 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:
TimesLIVE
13-06-2025
- Business
- TimesLIVE
Egypt agrees to buy up to 160 LNG cargoes through 2026, say sources
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said. The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand. It returned to being a net importer of gas last year, buying dozens of cargoes and abandoning plans to become a supplier to Europe as domestic production tumbled. But the cost of keeping the lights on is pressuring the resources of a government already facing a cost of living crisis, currency woes and slowing economic growth, which have forced it to seek help from the International Monetary Fund. The LNG deals represent Egypt's largest ever import purchases and will cost it over $8bn (R143.59bn) at current prices. Egypt's ministry of petroleum and the Egyptian Natural Gas Holding Company did not immediately respond to Reuters' request for comment. Agreements have been reached with global energy companies and trading houses, including Saudi Aramco, Shell, Vitol, Trafigura, BGN, SOCAR, and PetroChina, the industry sources familiar with the matter told Reuters.
Egypt Independent
11-06-2025
- Business
- Egypt Independent
Egypt to establish floating LNG station in Ain Sokhna to support electricity stability
Egypt is seeking to implement a new strategic project to boost liquefied natural gas (LNG) imports by establishing a modernized floating terminal at the Sumed Port in Ain Sokhna. This will contribute to stabilizing supplies during peak consumption periods, as part of its ongoing efforts to secure its energy needs. The project falls within the state's plan to address seasonal challenges associated with increased demand for electricity. It relies on converting a natural gas carrier into a floating storage and regasification unit (FSRU), with a capacity of up to one billion cubic feet per day. The project is being implemented in cooperation between the Egyptian Natural Gas Holding Company (EGAS) and Hoegh Evi energy, a marine solutions specialist. A government source said that Egypt is proceeding steadily in implementing its strategies to enhance energy security and meet the needs of the local market, in light of the continued rise in demand for natural gas, especially during the summer months. The source indicated that the agreement concluded by EGAS with Hoegh Evi energy to establish an FSRU represents a pivotal step toward diversifying supply sources and enhancing the flexibility of the national energy system. He explained that the project includes converting the gas carrier Hoegh Gandria into a floating unit with a gasification capacity of one billion cubic feet per day, which will contribute to bridging the gap between domestic production and consumption, especially during periods of high loads. Egypt plans to import large numbers of LNG The source also added that Egypt plans to import between 155 and 160 shipments of LNG this year, as part of a comprehensive strategy aimed at avoiding power outages or resorting to load shedding, as has occurred in some previous years. The LNG shipments also come as part of efforts to bridge the gap between domestic production and demand and ensure sustainable electricity supply during the summer months, which witness increased pressure on the national grid. The Sumed Port in Ain Sokhna is scheduled to receive the new unit once it is completed. It will replace the Hoegh Galleon, which is currently operating as a temporary station and is expected to depart Egypt by 2027. The source emphasized that the petroleum sector is working according to an integrated vision that includes importing gas from multiple sources and providing a modern and flexible infrastructure to support the transformation into a regional energy hub, within the framework of regional connectivity and trade projects. Technical work to convert the tanker into a floating terminal is expected to be completed by the end of 2026, following the delivery of the gasification unit in the middle of the same year. The new unit will be installed to replace the temporary vessel deployed last year. The international company Seatrium is developing the tanker as part of the project, while Wärtsilä Gas Solutions is supplying the new terminal with the latest regasification systems, as part of an extended partnership with the company that owns the unit. A government source confirmed that the project reflects a clear direction toward supporting the infrastructure for gas imports and enhancing the flexibility of the supply system, in parallel with the expansion of regional interconnection projects, as part of Egypt's strategy to transform itself into a regional gas trading hub within the Eastern Mediterranean.
