EGAS launches new bid round

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, according to the Production Sharing Agreements (PSA) model, through Egypt Upstream Gateway (EUG) at https://eug.petroleum.gov.eg. The closing date for submitting bids is 25 February 2025.

Promising basin

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. A slew of recent discoveries, including the giant offshore Zohr gas field, containing an estimated 30 TCF, have highlighted Egypt's potential.

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.

The minister added 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. This 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.