The Ministry of Petroleum and Mineral Resources (MoPMR) is accelerating efforts to attract global investments and increase oil and gas production. In August 2024, 61 investment opportunities were launched via the Egypt Upstream Gateway (EUG), reinforcing Egypt’s position as a regional energy hub.

Bidding closed for 13 exploration & production blocks, with investments set to double if new discoveries are made. Investments are expected to exceed $700 million.

The MoPMR announced that four offshore blocks received bids in the Egyptian Natural Gas Holding Company (EGAS) global round, increasing total Mediterranean exploration areas by 23%.

The ministry revealed that Cheiron enters Mediterranean exploration for the first time.

Several companies will be investing in different regions. In the Mediterranean Eni will invest in two blocks; Chevron in 1 block; and Cheiron Petroleum Corporation in 1 block. Meanwhile, in the Egyptian General Petroleum Corporation’s (EGPC) and the General Petroleum Company’s (GPC) brownfields Nile Energy LTD will invest in 2 blocks; Ezz Dekheila in 1 block; and Fleet Oil & Gas in 1 block.

As for Onshore Exploration Blocks for EGPC & South Valley Egyptian Petroleum Holding Company (Ganope), bp & Eni will invest in 2 blocks; Shell in 1 block; Harbour Energy in 1 block; and KUFPEC in 1 block.

The bid round attracted major international and Egyptian companies, highlighting Egypt’s competitive energy market, and reflecting strong investor confidence.

EGAS and EGPC will be announcing evaluation results within two months. Meanwhile, GPC is scheduled to reveal results within one month.

The ministry said that more investment rounds are on the way, including new exploration blocks and mature fields, under a flexible open licensing system.

The MoPMR continues to drive higher production, economic growth, and regional energy leadership, leveraging advanced infrastructure and cutting-edge technology.