Continental Focus, International Reach

Egypt to Offer 24 Blocks in New Bid Round

Friday, February 19, 2021

Egypt announced on Thursday the start of a bid round for exploration and exploitation of oil and natural gas in 24 blocks. The blocks on offer will be under the auspices of two of three of its state firms – the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS), according to a statement released on the Ministry of Petroleum website.

This latest bid round from the North African country will include blocks in the Gulf of Suez, the Mediterranean Sea, and the Western Desert, according to the Ministry. The round will conclude on August 1.

Minister of Petroleum and Mineral Resources, Tarek El Molla, also announced the launch of the Egyptian Upstream Gateway (EUG), a digital portal that will provide geological data for companies interested in investing in the country. This project is in coordination with oil services heavyweight Schlumberger.

According to a statement by the oil services firm the Egypt Upstream Gateway “is an innovative national project for the digitalization of subsurface information. This digital platform will also enable global access to the country’s subsurface data, which is kept evergreen by enhancing legacy datasets through reprocessing and new studies. This unique digital initiative will be used to unlock the potential of Egypt’s petroleum sector and promote the country’s exploration and production potential worldwide.”

Minister El-Molla added, “The Egypt Upstream Gateway will digitally promote Egypt’s oil and gas bid rounds through seamless online access to the sector’s data, as well as endorsing our exploration potential worldwide.”


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