Cairo: The Ministry of Petroleum and Mineral Resources announced Monday the launch of new investment opportunities to enhance crude oil and natural gas production. As part of its strategy to bolster exploration and production while advancing sustainability in the energy sector, the ministry offers seven undeveloped fields in the Mediterranean and six exploration concessions in the Gulf of Suez and the Western Desert. These offerings, accessible through the Egypt Upstream Gateway (EUG), will remain open for bidding until 4 May. EUG is a digital platform that promotes Egypt’s oil and gas opportunities by providing easy digital access to advanced data visualization and technology. This announcement follows the ministry’s recent efforts to attract domestic and international investments. It follows their successful bidding process earlier this year for 13 exploration areas. This bidding is expected to reign in investments exceeding $700 million. This figure could double with more commercial discoveries, positionin
g Egypt’s energy sector as a magnet for global stakeholders.

According to State Information Service Egypt, this significant move underscores Egypt’s commitment to enhancing its energy production capabilities and attracting global investments. The focus on both the Mediterranean and the Gulf of Suez regions highlights the strategic importance of these areas in Egypt’s long-term energy plans. The inclusion of the Western Desert further indicates a comprehensive approach to tapping into all available resources in the country. The ministry’s emphasis on sustainability also aligns with global trends towards more responsible energy exploration and production practices. This new bidding round is a continuation of Egypt’s ongoing efforts to strengthen its position as a key player in the global energy market.