Egypt’s Ministry of Petroleum and Mineral Resources is working to attract $700 million in investments through 13 exploration and production zones across various geological basins.

 This initiative aligns with the ministry’s broader strategy to expand exploration activities and increase oil and gas production, strengthening Egypt’s position as a key player in the energy sector.

In August 2024, the ministry launched 61 investment opportunities through the Egypt Upstream Gateway (EUG), a digital platform designed to facilitate oil and gas exploration deals.

The Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC) are currently evaluating the offers submitted for these zones.

The results of this assessment are expected to be announced within the next two months, while the General Petroleum Company (GPC) is set to release its evaluation results within a month.

At the same time, the ministry is preparing to launch additional bidding rounds in the coming weeks, offering new investment opportunities to enhance Egypt’s competitiveness and attract further foreign and domestic investments.

A significant part of these new opportunities includes the introduction of the open acreage system, which allows companies greater flexibility to participate in exploration and production activities.

This system covers both newly available exploration blocks and mature oil fields that require redevelopment, offering investors diverse opportunities to contribute to the country’s growing energy industry.

Currently, 17 exploration blocks in the Mediterranean are operated by major international energy companies.

 Eni leads with seven blocks, while ExxonMobil and Shell each operate three. Chevron and BP hold two blocks each, working alongside major international partners such as QatarEnergy, Mubadala, ADNOC, Woodside, Energean, Harbour Energy, and KUFPEC.

With the addition of the four new blocks, the number of exploration zones in the Mediterranean is set to increase by 23%, enhancing Egypt’s potential for further discoveries.

The second aspect of the investment plan focuses on projects under the newly introduced open acreage investment map.

As part of this initiative, bidding has been closed on nine blocks, including four mature oil fields managed by EGPC and GPC.

Additionally, five exploration blocks managed by EGPC and the South Valley Egyptian Petroleum Holding Company have also been bid on.

These blocks are located in geologically promising areas, offering strong potential for new discoveries and the further expansion of Egypt’s hydrocarbon production.

Several new Egyptian investors, including Nile Petroleum, Ezz Dekheila, and Fleet Oil & Gas, have participated in the latest bidding rounds, reflecting the growing confidence in the sector.