Egypt Launches New Oil and Gas Bid Round

Egypt Launches New Oil and Gas Bid Round | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Mar 05, 2025, 6:02 AM CST

Egypt is inviting international companies to bid for 13 offshore and onshore blocks in a new licensing round as it aims to boost domestic oil and gas production.

Companies are invited to bid on six new exploration areas and seven undeveloped discoveries. The undeveloped discoveries are in the Mediterranean, while the six exploration areas include three offshore exploration blocks in the Gulf of Suez and three onshore exploration areas in Egypt’s Western Desert.

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The so-called Open Blocks Licensing Program (OBLP) will close on May 4, 2025.

The new licensing bid round is part of the North African country’s strategy to attract more investments in its upstream industry and raise domestic oil and gas production.

Foreign firms have recently expressed interest and raised production in Egypt, whose Mediterranean waters have become a major focus of exploration since the 2010s, when Italy’s Eni discovered the huge Zohr gas field offshore Egypt. This is the largest natural gas discovery in the Mediterranean to date, according to Eni.

Last month, BP announced the start of production from the second development phase of the Raven gas field offshore Egypt, which involves the subsea tieback of additional Raven infill wells to its existing onshore infrastructure as part of the West Nile Delta (WND) project. The new wells in the second development phase are expected to produce about 220 billion cubic feet of gas and 7 million barrels of condensate, BP says.

Investment firm Carlyle Group also plans to make significant investments in Egypt’s oil and gas industry to boost domestic production and turn Egypt into an energy hub in the Mediterranean.

Last summer, executives from Carlyle met in Egypt with Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to discuss the investment firm’s plans for Egypt and the Mediterranean after Carlyle announced an acquisition of assets in the region.

Carlyle bought a portfolio of gas-weighted exploration and production assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean.

By Tsvetana Paraskova for Oilprice.com

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