In an effort to ramp up exploration, state-owned Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company have announced the launch of a new oil and gas exploration bid round that will take place before the end of February 2021.
According to the Minister of Petroleum and Mineral Resources H.E. Tarek El Molla, the bid round is expected to include offshore blocks in the Mediterranean and Nile Delta, as well as onshore areas in the Western Desert and Eastern Desert.
The announcement follows the signing of nine exploration and production agreements said to be worth more than one billion dollars. The agreements target the drilling of 17 new exploration wells in the Mediterranean and Red Sea.
Furthermore, in January, the Minister noted that three more agreements are pending approval, which brings the total to 12 agreements, targeting 23 wells in nine regions in the Mediterranean and three in the Red Sea.