Egypt attracts over $700M in petroleum investments through exploration bids

Updated 2/26/2025 10:59:00 AM

Arab Finance: Bid rounds for 13 oil and gas exploration and production areas across different geological basins have been concluded, drawing expected investments exceeding $700 million, Ministry of Petroleum and Mineral Resources announced.

These investments could double if new discoveries are made.

This comes as part of the ministry’s strategy to attract investments and boost production, as it offered 61 investment opportunities in August 2024 through the Egypt Upstream Gateway (EUG).

This initiative underscores the ministry’s commitment to fostering a competitive environment for international and local companies to expand exploration and production activities.

The bidding process focused on two main areas. The first category included four areas in the Mediterranean Sea offered through a global auction by the Egyptian Natural Gas Holding Company (EGAS).

These areas present significant opportunities for expanding natural gas exploration and development. Notably, Cheiron has entered Mediterranean exploration for the first time.

The total number of exploration areas in the Mediterranean now stands at 17, with major international companies such as Eni, ExxonMobil, Shell, Chevron, and bp leading operations in partnerships with global energy firms.

The addition of four new blocks increases exploration areas by 23%, enhancing the chances of new discoveries.

The second category involved nine areas within Egypt’s open investment map, including four brownfields managed by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company (GCP), targeted for redevelopment and enhanced production.

The remaining five areas, affiliated with EGPC and South Valley Egyptian Petroleum Holding Company (Ganope), feature promising geological potential.

These opportunities have attracted significant interest from both international and Egyptian investors, including Nile Energy, Al Ezz Dekheila Steel Co, and Fleet Oil and Gas, highlighting growing confidence in Egypt’s petroleum sector.

EGAS and EGPC are set to announce bid evaluation results within two months, GCP will release its results within a month.

The ministry aims to expedite evaluations to ensure continuous investment inflows and support exploration activities.

To sustain growth, the ministry is preparing to close additional investment opportunities in the coming weeks, reinforcing Egypt’s position as a competitive energy market.

It also plans to launch new exploration and production opportunities through the open areas system, providing companies with a flexible investment mechanism.