Egypt plans to secure $700M in investments across 13 exploration

Egypt’s Ministry of Petroleum and Mineral Resources is actively seeking to secure $700 million in investments across 13 exploration and production zones situated in different geological basins.

This effort is part of the country’s broader strategy to accelerate exploration activities, boost oil and gas production, and solidify Egypt’s role as a key player in the global energy market.

In August 2024, the ministry introduced 61 investment opportunities through the Egypt Upstream Gateway (EUG), a digital platform aimed at streamlining oil and gas exploration agreements.

Currently, the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC) are reviewing the proposals submitted for these zones, with the final evaluation results expected within the next two months.

Meanwhile, the General Petroleum Company (GPC) plans to release its own findings within a month. Alongside this assessment process, the ministry is preparing to launch additional bidding rounds in the coming weeks, further reinforcing Egypt’s appeal to both local and international investors.

A major feature of these new opportunities is the introduction of the open acreage system, which offers companies increased flexibility in participating in exploration and production activities.

This system includes newly available exploration blocks as well as mature oil fields that require redevelopment, presenting a variety of investment prospects for energy companies looking to capitalize on Egypt’s growing energy sector.

Currently, the Mediterranean region hosts 17 exploration blocks operated by leading international energy firms. Eni holds the largest share with seven blocks, followed by ExxonMobil and Shell, each with three.

Chevron and BP manage two blocks apiece, partnering with global players such as QatarEnergy, Mubadala, ADNOC, Woodside, Energean, Harbour Energy, and KUFPEC.

With the upcoming addition of four new exploration blocks, Egypt’s Mediterranean holdings are expected to grow by 23 percent, increasing the likelihood of new discoveries and expanding the country’s natural gas potential.

Another key focus of Egypt’s investment strategy is the open acreage investment map, which has already seen bidding closed on nine blocks.

These include four mature oil fields overseen by EGPC and GPC, set for redevelopment to optimize production.

Additionally, five exploration blocks, managed by EGPC and the South Valley Egyptian Petroleum Holding Company, offer promising geological potential for further hydrocarbon discoveries.

Egypt’s petroleum sector continues to attract strong investor interest, including participation from new Egyptian players such as Nile Petroleum, Ezz Dekheila, and Fleet Oil & Gas.

Their involvement highlights the growing confidence in Egypt’s energy industry and underscores the country’s efforts to create a dynamic and competitive investment environment.