{"id":674886,"date":"2025-11-05T00:00:00","date_gmt":"2025-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/05\/ganope-invites-bids-for-new-exploration-blocks-in-the-red-sea\/"},"modified":"2025-11-05T00:00:00","modified_gmt":"2025-11-05T00:00:00","slug":"ganope-invites-bids-for-new-exploration-blocks-in-the-red-sea","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/05\/ganope-invites-bids-for-new-exploration-blocks-in-the-red-sea\/","title":{"rendered":"Ganope invites bids for new exploration blocks in the Red Sea"},"content":{"rendered":"

Good morning, all.<\/strong> The news cycle is showing no sign of cooling down as we bring you another packed issue, this time led by the S&P Global\u2019s latest PMI report measuring the country\u2019s non-oil private sector activity in October. We also have some updates on the latest privatization moves, with sources telling us that the government has plans to offer unused assets and idle factories to investors. <\/p>\n

BEFORE WE DIVE IN- <\/strong>Our second of four weekly EnterpriseAM special issues about the GEM will land in your inboxes shortly, diving into the museum\u2019s grand opening ceremony, the restoration efforts taking place behind the scenes, and the impact it already had on our tourism sector with hotel occupancy across Cairo and Giza reaching 100% in the days leading up to the inauguration. <\/p>\n

<\/a> The museum welcomed an unprecedented 20k visitors yesterday <\/strong>\u2014 its first day officially open to the public \u2014 up from the average 400 it saw during its soft opening phase, sources with knowledge of the matter told us. <\/p>\n

Missed issue one? <\/strong>Check it out here<\/a>.<\/p>\n

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PSA- <\/p>\n

<\/a> WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 30\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 27\u00b0C and a low of 20\u00b0C.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> A fresh Red Sea exploration round:<\/strong> South Valley Egyptian Petroleum Holding Company (Ganope) is inviting bids<\/a> for four new oil and gas exploration blocks in the Red Sea \u2014 the RS-Block 1, RS-Block 2, RS-Block 3, and RS-Block 4 \u2014 through the Egypt Upstream Gateway (EUG). Interested parties have until 3 May 2026 to submit their bids. <\/p>\n

For the first time<\/strong>, the offering will apply the R-Factor mechanism designed to incentivize investment in the sector. The cabinet agreed to implement the mechanism in specific oil agreements earlier this year as part of wider efforts to incentivize energy players. You can read more about the mechanism here<\/a>. <\/p>\n

REMEMBER-<\/strong> Oil and gas giant Shell and its partners \u2014 Woodside, Qatar Energy, and Mubadala \u2014 withdrew<\/a> from their two Egyptian Red Sea exploration blocks back in March, which they were awarded in 2019. Red Sea Block 1 \u2014 held by Chevron, Woodside, and Egypt\u2019s Tharwa \u2014 is now the only active block in the area. <\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

US midterm elections are taking over headlines this morning<\/strong>, with heated races across the country that will serve as a litmus test of whether President Trump\u2019s policies are appealing to voters. Democratic socialist Zohran Mamdani has been projected to become New York City\u2019s first Muslim mayor, beating Trump-supported Andrew Cuomo, while an anti-Trump campaign in Virginia managed to snatch a victory for its first female governor Abigail Spanberger. (Washington Post<\/a> | Reuters<\/a> | CNN<\/a> | Financial Times<\/a>)<\/p>\n

ALSO- Chipmaker AMD\u2019s sales <\/strong>beat analyst estimates<\/a><\/strong> in 3Q<\/strong>, logging a 36% increase to USD 9.25 bn. However, a revenue forecast of USD 9.6 bn for the fourth quarter alarmed investors who jumped in on the stock\u2019s rally, leading shares to fall over 3% in extended trading.<\/p>\n

AND- More tech layoffs? <\/strong>IBM said yesterday it will lay off \u201ca low single-digit percentage\u201d<\/a> of its global workforce in 4Q. Just cutting 1% of the workforce would see 2.7k jobs lost, according to IBM\u2019s headcount at the end of 2024. Layoffs have been getting more frequent lately, with Amazon cutting 14k jobs in October and Meta gutting its AI unit amid an increasing reliance on AI tools.<\/p>\n

ALSO WORTH NOTING THIS MORNING-<\/strong><\/p>\n