CAIRO - 26 September 2023: The Ministry of Petroleum and Mineral Resources announced the results of the global auction for the Egyptian Natural Gas Holding Company “EGAS” to search for and exploit natural gas and crude oil in the Mediterranean and Nile Delta regions.
Four exploration areas were awarded, including three in the Mediterranean Sea, with two going to the Italian company Eni and one to a consortium of Eni, BP, and Qatar Energy. Additionally, one area in the Nile Delta was awarded to the Russian company Zarubezhneft.
The minimum investment during the exploration periods is approximately $281 million, to drill a minimum of 12 wells during these exploration phases, in addition to $7.5 million signature grants.
The Ministry issued a tender through the “EGAS” company to search for and exploit natural gas and crude oil in the regions of the Mediterranean and the Nile Delta announced through the Egypt Exploration and Production Portal, and the tender closed in mid-July in 2023.