Egypt will hold an international tender for 11 oil and natural gas exploration blocks in the Mediterranean sea and Nile Delta during the second half of fiscal year 2015-2016, Khaled Abdel Badie, head of state-owned EGAS said in a statement on Sunday.
Egypt, which used to be a net energy exporter, has turned into a net importer over the past few years due to increased consumption and falling production.
It has been on a drive to lure foreign investors back to its energy sector, many of whom left due to growing arrears. Egypt currently owes about $3 billion to international oil companies.
Egypt will also sign three new contracts for Mediterranean Sea development worth a total of $500 million, Badie said in the statement.
A total of roughly 760 million cubic feet per day of new gas production will come online in FY 2015-2016 due to new projects and development wells, the statement added.