{"id":607065,"date":"2023-09-26T00:00:00","date_gmt":"2023-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/"},"modified":"2023-09-26T00:00:00","modified_gmt":"2023-09-26T00:00:00","slug":"oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/","title":{"rendered":"Oil Ministry offers new oil and gas exploration blocks to international firms"},"content":{"rendered":"

New oil and gas bid round launched: <\/strong> International energy companies are being invited to search for new oil and gas fields in Egypt as the Madbouly government looks to reverse declining production and draw new investment into the sector. The Oil Ministry is offering 23 blocks in <\/strong>an international bid round<\/a><\/strong> launched yesterday that will see foreign companies work with the state-owned Egyptian South Valley Petroleum Holding Company (Ganope) and the Egyptian General Petroleum Corporation to explore for new hydrocarbons, it said in a statement<\/a>. Companies have until 25 February 2024 to submit offers. <\/p>\n

What\u2019s up for grabs: <\/strong> The ministry is offering 10 blocks in the Western Desert, seven in the Gulf of Suez, four in the Red Sea, and two in the Eastern Desert. Thirteen of the zones are under the control of Ganope and the other 10 are managed by EGPC. Firms can bid for exploration licenses of up to seven years and will be granted 20-year extendable development leases if they make a discovery, according to the term sheet (pdf)<\/a>.<\/p>\n

Egypt needs new discoveries: <\/strong> Falling domestic oil and gas production is increasing Egypt\u2019s reliance on imported energy and putting pressure on supply. Lower gas output \u2014 which fell to a three-year low<\/a> in 2Q 2023 \u2014 has contributed to the ongoing electricity shortages, which have caused rolling blackouts across the country since July. <\/p>\n

Key int\u2019l partners have pledged bns of USD of new investment: <\/strong>BP<\/a>, Chevron<\/a> and Eni<\/a> have recently pledged to invest a combined USD 14.2 bn in exploration and production operations in Egypt in the coming years. The ministry recently raised its investment forecast<\/a> to USD 8.5-9 bn this fiscal year, up from USD 7.7-8 bn previously. Foreign oil and gas companies invested USD 5.7 bn in the sector in FY 2022-2023.<\/p>\n

Radio silence on the other bid rounds: <\/strong> EGPC and EGAS are yet to announce the results of the brownfield and exploration bid rounds that closed a bit more than two months ago<\/a>. The ministry launched an international bid round<\/a> to develop eight mature oil fields in the Gulf of Suez and Eastern Desert in March, and later extended the deadline by a month to mid-July citing the Eid Al Adha holiday.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government is looking to attract fresh investment and secure new energy supplies amid declining output<\/p>\n","protected":false},"author":1,"featured_media":607066,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[557,93,72,3603,91,371,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-egyptian-general-petroleum-corporation","tag-energy","tag-enterpriseam","tag-ganope","tag-oil-and-gas","tag-oil-ministry","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"1ec344c3-9e08-4b6a-9656-143e62bbf536","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1524.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt steps up search for oil and gas with new bid round","related_issue":[607056],"teaser":"The government is looking to attract fresh investment and secure new energy supplies amid declining output","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.2f05e260-9da6-4782-9d25-88f0a1d46b96.mp3"},"yoast_head":"\nOil Ministry offers new oil and gas exploration blocks to international firms - 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The deadline,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":607148,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/four-international-companies-awarded-oil-and-gas-exploration-blocks\/","url_meta":{"origin":607065,"position":3},"title":"Four international companies awarded oil and gas exploration blocks","author":"enterpriseam admin","date":"27 September 2023","format":false,"excerpt":"Four concessions were handed to Eni, BP, Qatar Energy, and Zarubezhneft","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1599.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598641,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/egas-to-auction-up-to-11-gas-exploration-blocks-in-egypts-west-med-by-1q2020\/","url_meta":{"origin":607065,"position":4},"title":"EGAS to auction up to 11 gas exploration blocks in Egypt\u2019s West Med by 1Q2020","author":"enterpriseam admin","date":"30 May 2019","format":false,"excerpt":"EGAS plans fresh WestMed gas exploration tender: The Egyptian Natural Gas Holding Company (EGAS) plans to put some 11 natural gas exploration blocks in the western Mediterranean up for auction by 1Q2020, a source from the company told Al Shorouk. EGAS has finalized studies and seismic scans, and is waiting\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569473,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/ganope-to-kick-off-plan-to-explore-for-natgas-in-upper-egypt-next-month\/","url_meta":{"origin":607065,"position":5},"title":"Ganope to kick off plan to explore for natgas in Upper Egypt next month","author":"enterpriseam admin","date":"25 February 2020","format":false,"excerpt":"State-owned South Valley Egyptian Petroleum Holding Company (Ganope) will begin next month conducting seismic scans in Upper Egypt, where it plans to explore for natural gas, according to an Oil Ministry statement. Ganope will also soon begin the second round of seismic scans in the Red Sea to gauge the\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607065"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607065\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607066"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607065"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607065"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}