EGAS awards 6 natural gas exploration blocks worth $245M
Updated 6/25/2025 11:28:00 AM
Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies, with expected investments totaling approximately $245 million, as per a statement.
The awards include four offshore blocks in the Mediterranean, offered under the 2024 international bid round through the Egypt Upstream Gateway (EUG), along with two onshore blocks in the Nile Delta and North Sinai.
The agreements involve drilling at least 13 new exploratory wells during the designated exploration period.
Chevron Egypt and Shell secured two offshore blocks, North Samian and Northwest Atoll, where they plan to drill two exploratory wells in each.
IEOC Production, a subsidiary of Eni, was awarded the North Ras El Tin offshore block and will drill three wells.
Cheiron Egypt obtained the East Alexandria offshore block, also committing to three exploratory wells.
IPR will operate the North Tanta onshore block in the Nile Delta and plans to drill two wells.
Perenco was awarded the El Fayrouz onshore block in North Sinai and intends to carry out a 3D seismic survey along with one exploratory well.
These developments are in line with the Ministry of Petroleum and Mineral Resources’ broader efforts to enhance the exploration landscape and increase Egypt’s hydrocarbon output.
Additional investment opportunities remain available through the EUG, including several undeveloped offshore discoveries in the Mediterranean.
Bidding for these areas is open until July 2nd, 2025, with results to be announced shortly after.
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