12 New Concessions Open for Exploration in Mediterranean and Nile Delta

Egypt is making bold strides in its quest to bolster its energy sector, with the state-owned Egyptian Natural Gas Holding Company (EGAS) launching a tender for the exploration of natural gas and crude oil across 12 coveted concessions. This significant move includes 10 offshore sites in the Mediterranean Sea and two onshore locations in the Nile Delta, signaling Egypt's continued commitment to maximizing its natural resource potential.

This tender aligns with the ambitious plan announced by the Egyptian government in 2023, aimed at drilling 45 exploratory gas wells in the Mediterranean and Nile Delta regions. Backed by a substantial investment of $1.9 billion, this initiative is set to unfold over the next few years, with completion targeted by mid-2025.

September 2023 marked a key milestone in Egypt's energy sector when four oil and gas exploration areas were awarded, including three prime Mediterranean blocks. Italy's Eni secured two of these blocks, while a consortium of Eni, BP, and Qatar Energy claimed another. Additionally, Russia's state-owned Zarubezhneft was granted exploration rights in the Nile Delta.

As Africa's second-largest gas producer, trailing only Algeria, Egypt's output reached 68 billion cubic meters (bcm) in 2022. This impressive growth—nearly 80% since 2015—has been largely driven by the Zohr gas field, a discovery that has catapulted Egypt into the global energy spotlight. With this latest tender, Egypt is not just opening new avenues for energy exploration, but reinforcing its position as a key player in the global oil and gas market.