Source: Ahram Online
“Exploration of Natural gas and crude oil in 12 concessions in the Mediterranean and Nile Delta – including 10 offshore and two onshore”, Minister of Petroleum and Mineral Resources Karim Badawi announced on Tuesday.
Minister Badawi made his announcement during a meeting with a group of representatives of international oil companies to disscuss increasing oil and gas production in the local market, according to a cabinet statement.
The meeting was attented by Sameh Sabry, Senior Vice President and MD – Middle East and North Africa of Wintershall Dea; Iman Hill, Company Manager for VAALCO Energy in Egypt; Dalia ElGabry, CEO of Shell Egypt; and Nicolas Katcharov, CEO of International Energean; among others.
The launch of this tender comes in line with the plan announced by the Egyptian government in 2023 to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025.
Minister Badawi added that the offered concessions will be available through the Egypt Upstream Gateway (EUG) online platform.
This tender comes within the framework of the ministry’s target to attract new investment in the field of gas and oil exploration to increase natural gas production, he noted.
The tender is the eighth of its kind to be offered using the latest digital means via EUG, which launched in 2021, added Badawi.
During the meeting, the petroleum minister also announced a range of additional investment opportunities and incentives in the fields of research, exploration, and field development in open areas via EUG.
Egypt’s 2023 natural gas production was the lowest since 2021, when production reached 7.2 billion cubic feet per day, followed by an average of 6.2 billion cubic feet in 2022.
In 2023, Global energy giant British Petroleum (BP) stated to invest $3.5 billion in the exploration and development of natural gas resources in Egypt over the next three years.
AUTHOR: Ahram Online
