Egypt Launches Bid Round for Oil & Gas Exploration in New Areas

Egypt has launched an international bid round for oil and gas exploration across 14 new areas, covering the Mediterranean Sea, Nile Delta, North Sinai, Gulf of Suez, Sinai and Western Desert, the petroleum ministry said.

The round is being conducted digitally through the Egypt Upstream Gateway (EUG) under production-sharing agreements, Petroleum and Mineral Resources Minister Karim Badawi said.

The last date for submitting the bids for six of the oil and gas exploration areas has been set at November 11, while the deadline for the remaining eight bids is December 14.

The announcement comes as Egypt seeks to boost domestic oil and gas exploration and production.

The ministry said several companies operating in the country had recently drilled successful wells in the Western and Eastern deserts and the Nile Delta, including five new exploratory wells.

Production has begun at the Belayim Marine 133 well in the Belayim Marine field in the Gulf of Suez, with initial output of about 1,500 barrels per day, it added.