Recent official data revealed that the Egyptian petroleum sector managed to achieve 472 new oil discoveries, launch 10 international bids, and award 40 areas for oil and gas exploration to international companies, within 9 years.
The Ministry of Petroleum and Mineral Resources in Egypt stated that it was able to achieve 334 new discoveries of crude oil and 138 discoveries of gas in the regions of the Western and Eastern Desert, the Mediterranean Sea, Sinai, the Delta and the Gulf of Suez region.
The ministry was also able to launch 12 international bids during that period to search for oil and gas, in addition to 5 international bids that were put on the Egypt Exploration and Production digital portal.
She stated that the international bids resulted in the awarding of 40 areas for oil and gas exploration to international companies, with a minimum investment of about $2.3 billion, in addition to granting a signature worth $298 million.
Currently, bids are being received for the two bids currently offered for the Nile Delta and Mediterranean regions, as well as the bid for obsolete fields in the Gulf of Suez and the Eastern Desert.
During the past nine years, 119 new agreements were signed with international companies to search for oil and gas, with minimum investments of about $22.3 billion, and signature grants of $1.3 billion to drill 449 exploration wells as a minimum.
The Red Sea regions were also placed for the first time on the map of global investments to search for oil and gas after the implementation of an ambitious project for this purpose and the demarcation of the maritime borders with the Kingdom of Saudi Arabia, so that the Egyptian oil sector could launch a global bid and assign 3 sectors to the largest international companies that are currently implementing a technical program with the latest technology. Global technology that fits the challenges of the Red Sea region.
Also, the western Mediterranean region was placed on the map of global investments to search for natural gas after the implementation of the seismic survey project, which helped attract international companies such as “ExxonMobil”, “Chevron”, “Shell”, “Total” and “BP”. And the signing of 7 agreements with these companies to search for gas in that region.
The data indicated that 126 development contracts were signed for new oil discoveries in the Mediterranean Sea, the western and eastern deserts, and the Gulf of Suez.