The Ministry of Petroleum and Mineral Resources has revealed the outcomes of the global bidding process conducted for the Egyptian Natural Gas Holding Company (EGAS), aimed at exploring and harnessing natural gas and crude oil resources in the Mediterranean and Nile Delta areas.
This auction resulted in the allocation of four exploration zones, with three located in the Mediterranean Sea. Among these, two were awarded to the Italian corporation Eni, and one was secured by a consortium consisting of Eni, BP, and Qatar Energy. In addition, one zone in the Nile Delta was granted to the Russian company Zarubezhneft.
During the exploration phases, the minimum investment required is approximately $281 million, entailing the drilling of a minimum of 12 wells. Furthermore, there are $7.5 million in signature grants.
The Ministry initiated the tender process through the "EGAS" company, focusing on the exploration and exploitation of natural gas and crude oil resources in the Mediterranean and Nile Delta regions. This tender was announced via the Egypt Exploration and Production Portal and concluded in mid-July 2023.
Photo by Pixabay Oil rig desert oil and gas petroleum
