Egypt is expecting investments exceeding $700 million in oil and gas exploration following the closure of bidding for 13 blocks across various geological basins. These investments, which could multiply with new discoveries, are part of the Ministry of Petroleum and Mineral Resources' strategy to attract fresh capital and boost production. As part of this strategy, the ministry launched 61 investment opportunities in August 2024 through Egypt's Exploration and Production Gateway (EUG), reinforcing its commitment to creating a competitive investment environment for international and local companies. Offshore Exploration in the Mediterranean Bidding was completed for four offshore blocks in the Mediterranean as part of an international bid launched by the Egyptian Natural Gas Holding Company (EGAS) in August 2024. These blocks present significant opportunities for expanding natural gas exploration, development, and production. Currently, the Mediterranean region includes 17 exploration blocks operated by major international companies. Eni holds seven blocks, ExxonMobil and Shell each have three, while Chevron and BP each operate two. Other partners in these projects include QatarEnergy, Mubadala, ADNOC, Woodside, Energean, Harbour Energy, and KUFPEC. With the addition of the four new blocks, the total number of exploration areas in the Mediterranean will increase by 23 per cent, enhancing the potential for new discoveries and further exploration—particularly with the entry of Egyptian company Cheiron into Mediterranean exploration for the first time. Onshore Exploration and Mature Field Redevelopment Under the open investment map system, bidding was closed for nine blocks, including: * Four mature fields under the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company (GPC), targeted for redevelopment to boost productivity and maximise resource utilisation. * Five exploration blocks under EGPC and South Valley Egyptian Petroleum Holding Company (GANOPE), identified for their promising geological potential to support expanded exploration activities. These investment opportunities generated strong interest from both international and Egyptian investors. New Egyptian participants such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas also joined the bidding, reflecting growing confidence in Egypt's petroleum sector. Significant Growth Expected in the Exploration Sector Egypt's exploration sector is set for major expansion, with fresh investments expected to double if new commercial discoveries are made, contributing to increased hydrocarbon reserves and production levels. Evaluation Results to Be Announced Soon EGAS and EGPC will announce the evaluation results of submitted offers within two months, while GPC will release its results within a month. The ministry aims to accelerate the evaluation process to ensure a steady flow of investments and strengthen exploration activities. Expanding Future Investment Opportunities To maintain growth momentum, the ministry is finalising additional investment opportunities in the coming weeks, fostering a competitive investment environment and attracting further capital inflows into the oil and gas sector. Additionally, new investment opportunities will be introduced under the open acreage system, providing companies with a flexible mechanism to participate in exploration and production activities and reinforcing Egypt's role as a regional energy hub. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
