Egypt opens up to oil, gas bids for 24 exploration blocks 

Egypt is launching a global round of bids for oil and gas exploration and production across 24 blocks, the Petroleum Ministry announced yesterday.

In the official statement, the ministry said that the blocks were located in nine areas in the Mediterranean Sea, 12 in the Western Desert and three in the Gulf of Suez.

“The bid aims at attracting foreign investment as part of the state-run Petroleum Sector Development and Modernization Project,” the statement read.

The ministry also announced the launch of a digital portal, dubbed “Egypt Upstream Gateway”, explaining that it was aiming to provide geological data for the petroleum industry exploration and production activities across the country.

Egypt’s gas production has boomed since Italy’s Eni discovered the giant Zohr field off the country’s Mediterranean coast in 2015. Exploration tenders are usually offered by the state-run Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS).

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