Egypt closes bidding on 13 oil, gas exploration areas, attracting $700m in investments
As part of its ongoing efforts to attract and expand investments in exploration, production, and development, the Ministry of Petroleum and Mineral Resources closed bidding for 13 exploration and production areas, with offers totaling more than $700m in expected investments. This amount could potentially double if new discoveries are made and developed.
The bidding process focused on two key areas. The first involved four blocks in the Mediterranean, offered as part of the global bid round launched by the Egyptian Natural Gas Holding Company (EGAS) in August 2024. These blocks present significant opportunities for expanding natural gas exploration and production. The number of exploration areas in the Mediterranean will increase by 23% with the addition of these new blocks, marking a notable development as Egyptian company Cheiron enters Mediterranean exploration for the first time.
The second area of focus included nine blocks onshore, comprising four located within mature fields operated by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company. These fields are targeted for redevelopment to enhance productivity and maximize resource utilization. Additionally, five exploration areas under EGPC and South Valley Egyptian Petroleum Holding Company (GANOPE) hold strong geological potential, supporting the expansion of exploration activities.
Currently, 17 exploration blocks in the Mediterranean are operated by major international energy companies. Eni holds seven blocks, while ExxonMobil and Shell each operate three. Chevron and BP each control two, in collaboration with global partners such as Qatar Energy, Mubadala, ADNOC, Woodside, Energean, Harbour, and KUFPEC. The latest bidding round attracted considerable interest from both international and local investors, with new Egyptian entrants such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas, demonstrating growing confidence in Egypt's petroleum sector.
Exploration activity is expected to surge in the coming months with the injection of new investments, and in the event of commercial discoveries, total investments could double. The Ministry of Petroleum has committed to expediting the evaluation process, with EGAS and EGPC set to announce bid results within two months, while the General Petroleum Company will disclose its results within one month. This streamlined process ensures a continuous flow of investment and further strengthens Egypt's energy sector.
Looking ahead, the ministry is preparing to launch new investment opportunities, including additional exploration areas and mature fields, through the open acreage system. This approach provides companies with a flexible mechanism to participate in exploration and production activities, reinforcing Egypt's position as a key player in the global energy market.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Today
2 hours ago
- Egypt Today
Egyptian amb. to Kuwait discusses providing Kuwait with skilled labor
CAIRO – 16 June 2025: Egypt's ambassador to Kuwait Ambassador Osama Shaltout discussed with Acting Director General of the Public Authority for Manpower (PAM) in Kuwait Marzouq Dhaifallah al-Otaibi the formation of a specialized technical committee from the Egyptian Ministry of Labor to coordinate with relevant authorities to identify and help supply Kuwaiti local market with skilled Egyptian labor according to the needs of various sectors in the country, ensuring the quality and efficiency of labor taking into account laws and regulations governing the Kuwaiti labor market. During a meeting with the Egyptian ambassador Monday - at the PAM's headquarters - ambassador Shaltout voiced pleasure over the meeting and praised the Authority's officials for the services they provide to workers on labor issues, along with their continued efforts to develop relations between the two countries to serve the interests of all parties. For its part, the PAM welcomed the step, which comes within the framework of shared commitment to strengthening distinguished historical relations between the two countries and achieving a balance in the labor market through presenting trained and qualified workers to meet development requirements and contribute to improving the work environment. The two sides highlighted the importance of continued coordination and communication to ensure the success of the initiative, thus serving the interests of both parties and reflecting the depth of Egyptian-Kuwaiti relations.
See - Sada Elbalad
10 hours ago
- See - Sada Elbalad
US Dollar Surges Above EGP 50.70 amid Escalating Middle East Tensions
Taarek Refaat The U.S. dollar recorded a sharp increase in early Sunday trading in Egyptian banks, surpassing the EGP 50.70 mark for the first time, as regional instability intensifies due to heightened military conflict between Israel and Iran. According to official data, the Central Bank of Egypt (CBE) set the exchange rate at EGP 49.71 to buy and EGP 49.85 to sell. At National Bank of Egypt (NBE), the dollar was trading at EGP 50.71 (buying) and EGP 50.81 (selling), while Banque Misr listed it at EGP 50.60 and EGP 50.70, respectively. Economic Implications The dramatic rise in the exchange rate is largely attributed to rising geopolitical tensions in the Middle East, particularly the escalating confrontation between Israel and Iran. The conflict has driven global investors toward the U.S. dollar as a safe haven, resulting in increased demand and mounting pressure on emerging market currencies such as the Egyptian pound. The surge is expected to: Add inflationary pressure on the Egyptian economy. Increase the cost of imported goods and commodities. Complicate fiscal policy, especially concerning external debt obligations. Economists warn that continued instability may force further devaluation or policy interventions, as Egypt navigates economic reform and currency liberalization efforts. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Daily News Egypt
11 hours ago
- Daily News Egypt
Egypt to launch first airport management, operation tenders before year-end: Madbouly
Prime Minister Mostafa Madbouly announced on Sunday that Egypt will offer its first airports for private management and operation before the end of the year, marking a major step in the country's privatization drive. The announcement came during a meeting with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), held on the sidelines of the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference in the New Administrative Capital. Madbouly expressed appreciation for the ongoing partnership between the Egyptian government and the IFC, which acts as a strategic advisor to Egypt's privatization program. He praised the IFC's contributions across various sectors and reaffirmed the government's commitment to deepening this collaboration. Highlighting the IFC's global experience in airport concessions, Madbouly said the government is keen to accelerate the timeline for launching Egypt's airport management and operation tenders. He described the upcoming offering as a landmark event, noting it will be the first time Egyptian airports are managed and operated by specialized private companies with international expertise. Makhtar Diop confirmed that a detailed strategy for the airport initiative would be released soon, starting with a tender for the management and operation of Hurghada Airport. He also emphasized the IFC's commitment to expanding cooperation with Egypt in several sectors, including tourism—particularly medical, beach, cultural, and therapeutic tourism. Minister of Planning and Economic Development Rania Al-Mashat added that Prime Minister Madbouly closely monitors the IFC's activities in Egypt. She noted that the next phase will focus on launching a comprehensive promotional campaign—both locally and internationally—to support the airport management initiative. The campaign will spotlight global success stories of private-sector-led airport operations to attract experienced international operators.
