Arab Finance reported that bidding rounds for 13 oil and gas exploration and production areas across various geological basins have been completed, attracting expected investments exceeding $700 million, according to the Ministry of Petroleum and Mineral Resources. These investments have the potential to double if new discoveries are made.
As part of its strategy to attract investments and boost production, the ministry offered 61 investment opportunities in August 2024 via the Egypt Upstream Gateway (EUG). This initiative reflects the government’s commitment to creating a competitive environment for both international and local companies to expand their exploration and production activities.
The bidding rounds targeted two key categories. The first involved four offshore areas in the Mediterranean Sea, auctioned globally by the Egyptian Natural Gas Holding Company (EGAS). These areas present significant opportunities for natural gas exploration and development, with Cheiron entering Mediterranean exploration for the first time. Egypt now has 17 exploration areas in the Mediterranean, where major global players such as Eni, ExxonMobil, Shell, Chevron, and bp lead operations in collaboration with international energy firms. The addition of these new blocks expands exploration areas by 23%, increasing the chances of fresh discoveries.
The second category comprised nine areas within Egypt’s open investment map, including four brownfields under the management of Egyptian General Petroleum Corporation (EGPC) and General Petroleum Company (GPC), targeted for redevelopment and enhanced production. The remaining five areas, affiliated with EGPC and South Valley Egyptian Petroleum Holding Company (Ganope), offer strong geological potential.
These opportunities have attracted significant interest from both international and Egyptian investors, including Nile Energy, Al Ezz Dekheila Steel Co., and Fleet Oil and Gas, signaling growing confidence in Egypt’s petroleum sector.
EGAS and EGPC are expected to announce bid evaluation results within two months, while GPC will release its results within a month. The ministry is committed to accelerating evaluations to ensure a steady flow of investments and support ongoing exploration efforts.
To sustain growth, Egypt is preparing to close additional investment opportunities in the coming weeks, reinforcing its position as a competitive energy market. The ministry also plans to launch new exploration and production opportunities through the open areas system, providing investors with a more flexible mechanism for participation.