Up to 10 oil and gas concessions could be up for grabs soon : The Oil Ministry plans to launch an international tender for companies to explore for oil and natural gas in 8-10 concessions, a source at the ministry told Enterprise yesterday. The tender will be launched by the end of this year or the beginning of 2024, the source said.

Locations TBD: The government is working with energy firms to determine the exact location of the exploration blocks it will offer, our source said. The concessions are expected to be concentrated in the Gulf of Suez, Red Sea, and the South Valley, explaining that geological surveys for these areas have suggested promising reserves.

We’re expecting more tenders this year: The state is planning to offer three international gas and oil exploration tenders this year, Oil Minister Tarek El Molla said in February. The ministry hopes to draw USD 8 bn of investment into the sector during the current fiscal year. Egyptian Natural Gas Holding Company (EGAS) last year launched an international oil and gas tender for 12 exploration blocks in the Mediterranean and Nile Delta.

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