Egypt to Launch Oil, Gas Bid Round for 24 blocks

Sunday, 21st February 2021
by Editorial Team

MEDITERRANEAN SEA, ISRAEL – MARCH 28: In this handout image provided by Albatross, The Tamar drilling natural gas production platform is seen some 25 kilometers West of the Ashkelon shore on March 28, 2013 in Israel. The offshore Tamar drilling site which was originally dispatched from a shipyard in Texas at the end of last year is due to start producing natural gas next week. Over the past few years Israel has suffered from a shortage in natural gas, but with the new platform that weighs 34,000 tons and will be mainly operated by Israelis, the US company Nobel Energy which owns a 36% stake in Tamar, hopes to change Israel’s energy situation as well as the economy as a whole. (Photo Photo by Albatross via Getty Images)

Egypt announced the start of a bid round for oil and gas exploration in 24 blocks, according to Reuters.

The bid round will include nine blocks in the Mediterranean Sea, 12 in the Western Desert, and three in the Gulf of Suez, and will end on August, 1.

It should be mentioned that, the tenders were being offered by the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS).