In a significant move to boost foreign investment in the energy sector, the Egyptian Natural Gas Holding Company (EGAS) has awarded six new oil and gas exploration blocks to a group of international companies, marking a new phase in Egypt’s upstream expansion.
According to EGAS, the new agreements are expected to attract a minimum investment of $245 million, with plans to drill 13 exploratory wells across the designated blocks.
The awarded concessions include four offshore blocks in the Mediterranean Sea, launched as part of Egypt’s 2024 International Bid Round via the Egypt Upstream Gateway (EUG), along with two onshore blocks in the Nile Delta and North Sinai.
The North Sidi Mansour Offshore and Northwest Atoll Offshore blocks were granted to a consortium comprising Chevron Egypt and BG (Shell), with each block expected to see the drilling of two exploration wells.
Eni’s subsidiary, Agiba (AIOC Production), was awarded the North Ras El-Tin Offshore block, where three wells are planned. Meanwhile, Cheiron Egypt secured the East Alexandria Offshore block, also committing to drill three exploration wells.
Onshore, IPR obtained the North Tanta Block in the Nile Delta, with plans for two exploratory wells, while Brenco was awarded the El-Fayrouz Block in North Sinai, where it will conduct 3D seismic surveys and drill one well.
EGAS noted that additional investment opportunities remain available on the Egypt Upstream Gateway, including undeveloped offshore fields in the Mediterranean. The current bid round closes on July 2, 2025, with results to be announced thereafter.
Egypt Oil and Gas, EGAS, Exploration Licenses, International Energy Companies, Offshore Drilling, Mediterranean Gas Fields, 2024 Bid Round, Chevron, Shell, Eni, Cheiron, IPR, Brenco, Egypt Upstream Gateway, Foreign Investment, Nile Delta, North Sinai