Egypt announced Global Bid for Oil and Gas Exploration in the Mediterranean and Delta Nile.
The Egyptian Ministry of Petroleum and Mineral Resources revealed that the Egyptian Natural Gas Holding Company (EGAS) has launched a new global bid for exploration and drilling for natural gas and oil in the Mediterranean Sea and the Nile Delta.
According to Ministry statement“Egypt’s oil and gas exploration bid, which was launched through the Egypt Exploration and Production Portal, includes 12 exploration and exploration sectors in the Mediterranean and the Delta, and the deadline for submitting bids is February 25, 2025.”
The statement added that “the auction includes 10 marine sectors and two land sectors,” explaining that “this auction is part of the efforts of the Egyptian Ministry of Petroleum and Mineral Resources to attract new investments to Egypt, in accordance with its strategy aimed at exploiting promising opportunities in the field of gas and oil exploration, especially in the Mediterranean Sea, given its great potential as a promising basin for natural gas.”
According to the statement, “The auction is being offered in accordance with the production sharing model in effect between the Egyptian petroleum sector and foreign companies investing in research, exploration and drilling projects. Companies wishing to participate in the new auction can view all information and data related to the offered concessions through the electronic exploration portal.”
Egyptian Prime Minister Mostafa Madbouly recently confirmed that “Egypt plans to return oil and gas production levels to their normal limits starting in 2025 in cooperation with foreign partners.”
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2024-08-28 20:41:05