Newsletter subscribe

Oil & Gas

Egypt announces EGAS 2022 International Bid Round result with four blocks awarded

Posted: September 26, 2023 at 10:47 pm   /   by   /   comments (0)

The Ministry of Petroleum and Mineral Resources announced the results of the international bid round by the Egyptian Natural Gas Holding Company (EGAS) for the search and exploration of natural gas and crude oil in the Mediterranean Sea and Nile Delta regions, which closed in mid-July 2023.

Four exploration areas were awarded, three of which were in the Mediterranean Sea (two for the Italian company Eni – and one for a consortium of Eni, BP, and Qatar Energy) and one area in the Nile Delta (for the Russian company Zarubgazneft). The minimum investment in the research periods is estimated at around $281 million to drill a minimum of 12 wells during the exploration stages, in addition to $7.5 million in signing bonuses.

The four awarded blocks are as follows:

  • South Nour: Eni
  • North Port Fouad: Eni
  • East Port Said: Eni, BP and Qatar Energy
  • North El Khatatba: Zarubgazneft.