The Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company (EGAS) has launched a new international 2024 bid round for the exploration and exploitation of natural gas and crude oil in 12 blocks in the Mediterranean and the Nile Delta. This includes 10 offshore blocks and two onshore blocks, through Egypt Upstream Gateway (EUG) 

This bid round is part of the Ministry of Petroleum and Mineral Resources’ efforts to attract new investments to Egypt, in line with its strategy to exploit promising opportunities in the field of gas and oil exploration, especially in the Mediterranean Sea, which holds significant potential as a promising basin for natural gas.

Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, explained that the launch of this bid round for natural gas exploration supports Egypt’s direction toward intensifying exploration activities in the Mediterranean, especially in light of the growing interest in achieving new discoveries and increasing natural gas production, which has become a crucial element in both the local and global energy mix.

Moreover, he confirmed that this is the eighth bid round of its kind to be launched using the latest digital tools through Egypt Upstream Gateway (EUG), which the ministry launched at the beginning of 2021.It provides seamless access to the essential and all updated technical data related to bid rounds, speeding up the process of evaluating investment opportunities and submitting bids.

New Investment Opportunities in Exploration, and Field Development

In this regard, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, announced the availability of additional investment opportunities in exploration, and field development, in open areas.