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Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egypt's Petroleum Minister, SLB discuss exploration and production support
Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, on Monday met with executives from global technology company SLB to discuss ways to support oil and gas exploration and production activities and enhance their technical partnership, the ministry said in a statement. The meeting with Jesus Lamas, SLB's regional president, and Sherif Bayoumy, the company's general manager for Egypt and the East Mediterranean, reviewed the petroleum sector's six-point strategy, which focuses on expanding exploration and development projects and increasing gas and oil production. During the meeting, the minister highlighted SLB's role as a strategic partner in several initiatives, including the Egypt Upstream Gateway (EUG) digital platform and regional seismic survey projects in the Red Sea and the Gulf of Suez. Badawi affirmed that the EUG platform helps attract investments by offering opportunities in various geological basins. He pointed to the results of recent investment opportunities announced by state oil and gas bodies and promoted through the gateway. The discussion also covered the importance of using artificial intelligence and advanced digital technologies to support decision-making and improve operational efficiency. The two sides discussed increasing cooperation on several key projects, including the seismic survey in the Red Sea and preparations for marketing activities for the area. They also explored the possibility of conducting new seismic surveys in the Gulf of Suez using Ocean Bottom Node (OBN) technologies. The meeting also reviewed ways to cooperate on projects to develop and enhance production from mature fields, which is a priority for the coming phase, as well as carbon capture and storage (CCS) projects. The officials also agreed to coordinate on organising various technical workshops to support current petroleum activities.
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.
