{"id":655109,"date":"2024-11-13T00:00:00","date_gmt":"2024-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/four-international-oil-and-gas-firms-secure-offshore-and-onshore-concessions-across-egypt\/"},"modified":"2024-11-13T00:00:00","modified_gmt":"2024-11-13T00:00:00","slug":"four-international-oil-and-gas-firms-secure-offshore-and-onshore-concessions-across-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/four-international-oil-and-gas-firms-secure-offshore-and-onshore-concessions-across-egypt\/","title":{"rendered":"Four international oil and gas firms secure offshore and onshore concessions across Egypt"},"content":{"rendered":"

Fresh drilling investments coming our way following concession offering: <\/strong>The UK\u2019s Aten Petroleum, UAE\u2019s Dragon Oil, UK-registered Terra Petroleum, and Romania's CIS Gaz have secured four concessions in an international bid round the Oil Ministry had launched in 2023, the ministry\u2019s Egypt Upstream Gateway said in a statement<\/a>. The four companies will invest at least USD 71 mn, with a commitment to drill at least 14 wells <\/p>\n

The details:<\/strong> The winning quartet will explore for oil and gas in four blocks located in the Western Desert, Eastern Deserts, and the Gulf of Suez under exploration licenses with the Egyptian General Petroleum Corporation of up to seven years. The firms will be granted 20-year extendable development leases if they make a discovery.<\/p>\n

Remember: <\/strong>The ministry\u2019s international bid round that it kicked off in September 2023<\/a> offered up 23 blocks in total, spread across the Western Desert, the Gulf of Suez, the Red Sea, and in the Eastern Desert. <\/p>\n

More than ever, the government is looking for fresh discoveries: <\/strong>Following a costly few<\/a>months<\/a> of energy imports to bridge the gap between local production and demand, the Oil Ministry has been on a mission to start increasing local energy production starting in 2025. In addition to partially clearing arrears to international oil companies since the EGP float in March, the Oil Ministry is offering new incentives<\/a> to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates with the aim of boosting local production.<\/p>\n","protected":false},"excerpt":{"rendered":"

The winners will drill a minimum of 14 wells, with at least USD 71 mn worth of investments<\/p>\n","protected":false},"author":1,"featured_media":655110,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[557,93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-egyptian-general-petroleum-corporation","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"56c1d1d5-86eb-4f3a-a659-5603b65f9d29","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1190.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Four international oil and gas firms secure offshore and onshore concessions across Egypt","related_issue":[655097],"teaser":"The winners will drill a minimum of 14 wells, with at least USD 71 mn worth of investments","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.1830314b-9a65-4a51-9bc9-0d0f8921b284.mp3"},"yoast_head":"\nFour international oil and gas firms secure offshore and onshore concessions across Egypt - 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The companies intend to invest at least USD 4 mn to drill four exploratory wells\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":[]},{"id":592108,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/egypt-signs-usd-155-worth-of-oil-and-gas-agreements\/","url_meta":{"origin":655109,"position":2},"title":"Egypt signs USD 155-worth of oil and gas agreements","author":"enterpriseam admin","date":"26 December 2019","format":false,"excerpt":"Egypt signs USD 155 mn-worth of oil and gas agreements: The Egyptian General Petroleum Company (EGPC) and Ganope have signed four oil and gas exploration and production agreements that will see companies invest at least USD 155 mn to develop concessions in the Gulf of Suez, Nile Valley, and the\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\/2020\/2\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":660467,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/12\/intl-energy-players-to-invest-usd-130-mn-in-oil-and-gas-drilling\/","url_meta":{"origin":655109,"position":3},"title":"Int\u2019l energy players to invest USD 130 mn in oil and gas drilling","author":"enterpriseam admin","date":"12 February 2025","format":false,"excerpt":"The companies will drill 10 oil and gas exploration wells in East Port Said and the Western Desert","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\/2024\/6\/152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591000,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/30\/more-oil-and-gas-exploration-in-the-med-and-gulf-of-suez\/","url_meta":{"origin":655109,"position":4},"title":"More oil and gas exploration in the Med and Gulf of Suez","author":"enterpriseam admin","date":"30 July 2023","format":false,"excerpt":"ExxonMobil, Kufpec and Pico Energy will partner with state energy firms to explore for hydrocarbons","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\/7\/1167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575201,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/apache-could-spend-usd-900-mn-at-its-concessions-in-egypts-western-desert\/","url_meta":{"origin":655109,"position":5},"title":"Apache could spend USD 900 mn at its concessions in Egypt\u2019s Western Desert","author":"enterpriseam admin","date":"6 October 2020","format":false,"excerpt":"INVESTMENT WATCH- US oil and gas producer Apache could spend as much as USD 900 mn at its Western Desert oil concessions this fiscal year if oil prices mount a recovery, Al Mal reports, citing a senior official at the Egyptian General Petroleum Corporation (EGPC). 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