Riyadh-based precious metals company Saudi Gold Refinery Co. has applied for gold exploration licenses in Egypt’s Eastern Desert and aims to begin production before 2030.

Minister of Petroleum and Mineral Resources Karim Badawi has launched the 2026 international bid round for crude oil and natural gas exploration, offering 14 new blocks to international and Egyptian oil and gas companies.

Prime Minister Mostafa Madbouly has directed the government to launch more digital exploration tenders in different oil concessions and enhance the competitiveness of financial systems to be more attractive to international companies.

Egypt is intending to launch an international bid in the fourth quarter (Q4) of this year to prospect and explore for mineral ores in several areas in the eastern and western deserts.

Egypt is planning to offer two tenders for oil and gas exploration in at least 16 blocks south of the country and across the Mediterranean by the end of 2023.