Egypt's petroleum ministry launched a new international bid round for oil and gas exploration in four Red Sea blocks, part of efforts to attract fresh foreign investment into its energy sector, the ministry said in a statement on Tuesday. The tender, announced by Petroleum Minister Karim Badawy during the ADIPEC 2025 conference in Abu Dhabi, will be offered by the state-run South Valley Egyptian Petroleum Holding Company (Ganope) through the Egypt Upstream Gateway (EUG) digital platform. For the first time, Egypt will apply a profitability-based production-sharing model (R-Factor) designed to offer more flexible and competitive terms to global energy companies, particularly in deepwater and frontier areas, the ministry said. "The new bid round reflects Egypt's commitment to creating an attractive investment environment and maximising the country's oil and gas potential," Badawy said. He added that the Red Sea remains one of Egypt's most promising new exploration frontiers, with several blocks showing high potential for future discoveries that could boost output and enhance energy security. Details of the tender are available via https://eug.petroleum.gov.eg, with a submission deadline set for 3 May, 2026, allowing companies time to assess the blocks and prepare their offers. Attribution: Amwal Al Ghad English
