Egypt Attracts USD 700M in Investments as Oil & Gas Bidding Closes

The Ministry of Petroleum and Mineral Resources has announced the closure of bidding for 13 exploration and production areas, attracting USD 700 million in investments. This amount could potentially double with any new discoveries in the same areas.

The bidding focused on two key areas. The first comprised four Mediterranean blocks. These blocks represent a 23% increase in Mediterranean exploration, marking a major step forward as Egyptian company Cheiron enters Mediterranean exploration for the first time.

The second area consists of nine onshore blocks. Four of these are located within mature fields operated by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company. These fields will be redeveloped to enhance productivity and improve resource utilisation. The remaining five blocks, operated by EGPC and South Valley Egyptian Petroleum Holding Company, hold considerable geological importance and support further exploration.

Currently, 17 blocks in the Mediterranean are operated by major companies such as Shell, ExxonMobil, Chevron, BP and Eni. The latest bidding has attracted further investment, with new Egyptian players such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas entering the market.