Tuesday 04 Mar
The Ministry of Petroleum and Mineral Resources has announced a new bidding round, offering 13 strategic oil and gas opportunities to attract further investment and boost production. This initiative aligns with the Ministry's strategy to enhance sustainability and drive growth in the sector.
Seven undeveloped Mediterranean Sea fields: These fields,
grouped into two clusters ("Atin," "Merit," "Rahmat"
and "Knossos," "Salamat," "Satis,"
"Salmon"), offer significant potential for increased natural gas
production. This marks the first time undeveloped discoveries are offered in
clusters via the Egypt Upstream Gateway (EUG).
Six exploration areas: These include three in the Western
Desert ("North East Bir El Nuss," "South Fayoum,"
"Wadi Sunour") and three in the Gulf of Suez ("East
Geisum," "East Jabal El Zeit," "East Shadwan").
Bidding will be open for two months, closing on May 4, 2025.
This round follows the successful closure of bidding on 13
other exploration areas and mature fields, which attracted offers with expected
investments exceeding $700 million. These offers are currently under
evaluation, with potential for significantly higher investment upon commercial
discoveries.
Egypt Upstream Gateway (EUG): Enhancing transparency
The EUG (https://eug.petroleum.gov.eg/) serves as a digital platform
providing investors with comprehensive information, including geological and
geophysical data. This platform enhances transparency and facilitates informed
investment decisions.
Driving sustainable growth
The Ministry's ongoing efforts to attract local and international investments aim to increase oil and gas production and promote sustainable development in the sector.
