In an effort to ramp up development, the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company announced the launch of a new round of tenders for oil and gas exploration to be held before the end of February 2021.
As per H.E. Tarek El Molla, Minister of Petroleum and Mineral Resources, the bid round is anticipated to include offshore blocks in the Mediterranean and the Nile Delta, as well as onshore areas in the Western Desert and Eastern Desert.
The announcement follows the contract offer of nine exploration and production agreements that were said to be worth more than one billion dollars. The agreements are aimed at drilling 17 new exploration wells in the Mediterranean and the Red Sea.
In addition, in January, the Minister noted that three more agreements are pending approval, bringing the total to 12 agreements, targeting 23 wells in nine Mediterranean regions and three in the Red Sea.