Egypt to tender new gas concession in Red Sea next month: Report
The bidding comes after three oil companies, including Shell, Chevron, and Mubadala, relinquished their gas exploration concessions in the Red Sea earlier this year after seismic surveys in their concessions yielded uneconomic results, Ashraq News reported, citing a senior government official.
Four major areas will be put up for bidding for global companies in the Red Sea, the report said. The government will offer incentives for bid winners.
Cairo needs 6.2 billion cubic feet per day, while its daily production stands at 4 billion cubic feet.
The government seeks to increase natural gas production to 5 billion cubic feet per day by year-end, the report said.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Briefing Highlights: How the African Development Fund is Financing Africa's Future in a Shifting Global Landscape
The African Development Fund, the African Development Bank Group's ( concessional financing arm, was the focus of a special edition of the African Transformation Briefing co-hosted by the African Center for Economic Transformation (ACET) and the Global Strategic Communications Council. Moderated by ACET Communications Manager Belinda Ayamgha, the session was held virtually on 29 July 2025. The media-focused event convened development partners, journalists, and policymakers for an in-depth conversation on the Fund's role in financing economic transformation across 37 low-income African countries, nearly half of which are classified as fragile states. Valerie Dabady, Manager of Resource Mobilization and Partnerships at the African Development Bank, delivered a keynote presentation outlining the Fund's catalytic impact, financing structure, and evolving strategic direction. She underscored the Fund's ability to channel investments in areas such as climate resilience and regional integration through concessional resources tailored to country-specific needs and highlighted plans to expand its resource base. 'With 37 member countries and over $45 billion in investments since inception, the African Development Fund is a cornerstone of Africa's development financing architecture,' Dabady said. 'As we look toward the future, innovations like market borrowing and expanded donor engagement will be critical to increasing our impact.' The briefing also featured a country perspective from Joseph Chanda, Assistant Director for Economic Management and Planning in Zambia's Ministry of Finance. Chanda highlighted how Zambia is leveraging African Development Fund resources to accelerate infrastructure development, build climate resilience, and deepen regional integration. 'ADF financing has played a transformative role in Zambia,' he noted. 'By allocating just 10% of our national resources to the Lobito Corridor, we were able to leverage over $330 million in regional window co-financing. These are the types of investments that build real economies and regional prosperity.' The Lobito Corridor, a strategic rail and road project connecting Angola, the Democratic Republic of Congo, and Zambia, is among the largest regional integration initiatives currently under preparation with support from the African Development Fund. With a $500 million commitment, the Fund is helping to finance and de-risk the project, which is expected to catalyze investment in logistics, agriculture, and mining, particularly in critical minerals vital to the global energy transition. Chanda also referenced the Kazungula Bridge Project, a regional integration initiative co-financed by the Fund with an investment of $68 million. Completed in 2021, the 923-meter-long bridge spans the Zambezi River, connecting Zambia and Botswana and replacing a long-standing ferry service. The project also includes One-Stop Border Posts on both sides of the bridge, significantly streamlining customs procedures and reducing transit times along the North–South Corridor. It supports intra-African trade, enhances regional logistics efficiency, and has become a key node for trade between Southern and Central Africa. Participants raised questions on donor engagement, capital market access, and the future structure of the Fund. Dabady reaffirmed the Bank's ongoing efforts to attract non-traditional partners and finalize approvals that would enable the Fund to access capital markets. 'The ADF has long flown under the radar,' she said. 'But this is a pivotal moment to raise its profile, demonstrate impact, and unlock greater investment for Africa's most pressing priorities.' The session concluded with a call to action from Kerezhi Sebany, Africa Director for Economic Opportunities at the ONE Campaign. 'We must shine a light on the African Development Fund,' she said. 'When people know what the Fund is and what it delivers, it fosters transparency, trust, and partnership. Now is the time to tell the ADF story and tell it boldly.' The African Development Fund is currently undergoing its 17th replenishment cycle (ADF-17). The next consultative meeting with development partner representatives will be held virtually on 18-19 September 2025. This will be followed by a meeting in Lusaka, Zambia in October, where Zambia government representatives will share results and country-level experiences. The final pledging session for ADF-17 is scheduled for December 2025. Watch the briefing: Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
4 hours ago
- Zawya
Egypt to tender new gas concession in Red Sea next month: Report
Egypt's Ministry of Petroleum and Mineral Resources will issue a new tender for gas exploration in the Red Sea in September, according to a news report. The bidding comes after three oil companies, including Shell, Chevron, and Mubadala, relinquished their gas exploration concessions in the Red Sea earlier this year after seismic surveys in their concessions yielded uneconomic results, Ashraq News reported, citing a senior government official. Four major areas will be put up for bidding for global companies in the Red Sea, the report said. The government will offer incentives for bid winners. Cairo needs 6.2 billion cubic feet per day, while its daily production stands at 4 billion cubic feet. The government seeks to increase natural gas production to 5 billion cubic feet per day by year-end, the report said. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
4 hours ago
- Zawya
South Africa urged to rethink EU agri-food export strategy amid trade slowdown
South Africa may need a new strategy to boost agri-food exports to the European Union (EU), as existing trade agreements are no longer sufficient to support long-term competitiveness. This is according to a recent study by researchers at Stellenbosch University and Mendel University in Brno, Czech Republic. Despite strong trade ties and being the EU's largest trading partner in Africa, South Africa's agri-food trade with the EU is under pressure. The study, published in the journal Agrekon, attributes this to growing trade barriers, including non-tariff measures (NTMs), and changing demand across different regions of the EU. Growth slowing despite steady export volumes Using trade data from 1999 to 2019 and the Constant Market Share (CMS) model, the researchers examined how EU import practices may be affecting the competitiveness of South Africa's agricultural exports. While agri-food exports have grown over the past two decades — with citrus, grapes, wine, apples and pears, and avocados making up the top five products — the pace has slowed significantly since the 2008 global financial crisis. "Although exports increased between 1999 and 2019, growth slowed noticeably after the global financial crisis, a trend linked to the lingering effects of the recession and the rise of non-tariff barriers," the researchers noted. They observed that different regions within the EU have shown varying levels of demand recovery. In Eastern Europe, agri-food imports initially grew after EU accession and trade liberalisation, but the annual growth rate declined from 6.5% to 3.5% post-recession. Southern Europe saw an even sharper drop — from 6.3% to 2.6% — while growth in Central and Northern Europe has largely plateaued. Current trade deals 'no longer sufficient' The findings suggest that South Africa's current trade arrangements with the EU are becoming less effective in supporting its agri-food sector's development. The study warns that local producers are increasingly competing in markets that are either saturated or growing more slowly. 'The substantial trade surplus and foreign direct investment generated through EU trade highlight the broader development benefits of strong agri-food exports. These include job creation, the adoption of green and digital technologies, and improved market access — all central to current trade and development debates,' the authors said. Strategic focus on infrastructure, policy, and new markets The researchers recommend that South Africa: • Prioritise agri-food products with strong global demand, particularly horticultural goods. • Target fast-growing EU markets, including emerging Eastern European countries. • Invest in domestic infrastructure — such as ports and electricity supply — to reduce transaction costs and increase competitiveness against subsidised EU producers. • Revisit trade barriers and resolve regulatory disputes through diplomatic engagement with EU partners. 'Policymakers should engage in dialogue with EU counterparts to revisit NTMs, resolve disputes that limit market access, and explore ways to help local exporters adapt to stringent regulatory requirements.' They also advocate for diversifying beyond the EU by exploring new trade opportunities in BRICS nations, Japan, South Korea, Vietnam, and other high-growth regions. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
