Significant market demand was seen for the recently-closed bidding round for strategic exploration blocks spanning the Mediterranean Sea, Gulf of Suez, and Western Desert. Global and private-sector companies submitted multiple proposals for concessions such as Rahmat, under the Egyptian Natural Gas Holding Company (EGAS); North July, under the Egyptian General Petroleum Corporation (EGPC); and three blocks from Ganoub El Wadi Petroleum Holding Company (Ganope): North El Baraka, East Gebel El Zeit, and Southeast Ras El Ash.
The new bidding round was overseen and made available by the Egypt Upstream Gateway (EUG), offering new investment opportunities within the framework of the Ministry’s strategic first pillar to increase domestic output to meet growing demand.
The bidding round aligns with Egypt’s trend to enhance hydrocarbon output and draw vital foreign investments. The evaluation and award results for the latest bidding round are expected in August.
