Egypt is pushing forward with its plans to expand its energy exploration efforts and boost production in the coming years, announcing a new bid round for oil and gas exploration in the Mediterranean and Nile delta. The round is scheduled to open in 2023 and is part of the country’s ongoing efforts to develop its energy sector.
The bid round was announced by the Egyptian Ministry of Petroleum and Mineral Resources, who stated that it will allow international oil and gas companies to bid on a number of exploration blocks located in the Mediterranean Sea and the Nile Delta. These blocks have been identified as having the potential to produce oil and gas.
The ministry also highlighted that the bid round would provide opportunities for foreign companies to invest in the country’s energy sector and to develop new resources that could be used to meet the country’s growing energy needs.
The announcement of the bid round follows a series of moves by the Egyptian government to expand its energy exploration efforts and increase production. In recent years, the government has signed several deals with international oil and gas companies for exploration and development of resources in the Mediterranean Sea and onshore in the Nile Delta. This includes a $15 billion agreement with BP and Rosneft to develop the Zohr gas field in the Mediterranean Sea.
The new bid round is part of a wider strategy being pursued by the Egyptian government to develop its energy sector and ensure the country’s energy security. This strategy involves both expanding exploration and production efforts in the Mediterranean and onshore in the Nile Delta and diversifying the country’s energy mix. T
his round is expected to attract a large number of international oil and gas companies. It is hoped that the investments made by these companies will help to increase the country’s production capacity, reduce its reliance on imports, and help to secure its long-term energy supply.
This procedure will provide an important opportunity for international companies to invest in Egypt’s energy sector. It is hoped that this will help to ensure the country’s energy security and increase its production capacity in the years to come.