The Egyptian Natural Gas Holding Company (EGAS) has awarded six offshore and onshore exploration blocks in a bid to attract new investments and ramp up hydrocarbons production, Egypt’s Ministry of Petroleum and Mineral Resources announced on Wednesday.
Offshore, Chevron Egypt and Shell subsidiary BG International secured the North Samian and Northwest Atoll blocks, with plans to drill two wells in each. Eni subsidiary IEOC Production won the North Ras El Tin offshore block with plans for three wells, and Cheiron Egypt was awarded the East Alexandria offshore block, also with three wells planned.
Onshore, IPR Energy took the North Tanta block in the Nile Delta for two wells, while Perenco will carry out a 3D seismic survey and one exploratory well in the El Fayrouz block in North Sinai.
The concessions, which were awarded under the 2024 international bid round through the Egypt Upstream Gateway (EUG), are expected to bring investments of around USD 245 million during the exploration period. EUG is currently offering further Mediterranean offshore investment opportunities, including several undeveloped offshore discoveries in the Mediterranean, with bids due by July 2, 2025.
Earlier in June, seven onshore oil and gas exploration blocks were allocated in Egypt under an Egyptian General Petroleum Corporation tender. Those awards foresee the drilling of at least 17 exploratory wells.
EGAS oversees Egypt’s natural gas industry, managing exploration, development, transportation and trade activities. It partners with international operators to boost the country’s production capacity and investment appeal in both offshore and onshore assets.
Source: theenergyyear.com