The Egyptian Natural Gas Holding Company (EGAS) has awarded six new blocks to several international companies to maximize exploration investments. The investments injected are estimated at $245 million, and at least 13 new exploratory wells are expected to be drilled during the exploration period. This is part of the Ministry of Petroleum and Mineral Resources’ plan and strategy to attract new exploration investments and boost current production efforts.

The awarded blocks include four new offshore blocks in the Mediterranean, which were part of the 2024 international bid round facilitated through the Egypt Upstream Gateway (EUG). Additionally, two onshore blocks in the Nile Delta and North Sinai were also granted.

The awarded blocks include the North Samian Offshore Block and Northwest Atoll Offshore Block, which was awarded to the Chevron Egypt & BG (Shell) consortium, with plans to drill two exploratory wells in each block. The North Ras El Tin Offshore Block was awarded to IEOC Production (Eni), with plans to drill three exploratory wells.

Meanwhile, the East Alexandria Offshore Block was awarded to Cheiron Egypt, with plans to drill three exploratory wells. Additionally, the North Tanta Onshore Block (Nile Delta) was awarded to IPR, which plans to drill two exploratory wells. El Fayrouz Onshore Block (North Sinai) was awarded to Perenco, which plans a 3D seismic survey and 1 exploratory well.

Moreover, the EUG currently offers more investment opportunities, including several undeveloped offshore discoveries in the Mediterranean. Bidding for these areas is scheduled to close on July 2, 2025, with results to be announced promptly after the submission deadline.

Earlier this month, the Ministry of Petroleum and Mineral Resources awarded seven new exploration and production blocks under the Egyptian General Petroleum Corporation (EGPC) that would bring significant new investments and the drilling of at least 17 new exploratory wells.