Egypt Today: The Egyptian Natural Gas Holding Company (EGAS) is preparing to open bidding for five new offshore gas blocks in the Mediterranean Sea before the end of the first half of fiscal year 2025/2026, a government official told Al Arabiya Business.
The bidding will be conducted via the Egypt Exploration Gateway, which will receive proposals from international energy companies seeking exploration rights. This step aligns with Egypt’s wider strategy to increase oil and gas output over the next two years.
According to the official, the Ministry of Petroleum plans to drill 10–12 new development wells in targeted concession areas, supported by investments exceeding $350 million. These efforts are expected to raise natural gas production by more than 850 million cubic feet per day, supplementing Egypt’s current output.
Seismic Surveys and Investor Appeal
EGAS has already completed seismic survey programs with global partners across nine exploration areas, which will be gradually tendered to investors. The surveys confirmed geological formations likely to contain hydrocarbons, with early indicators suggesting 15–20% chances of gas accumulation.
To encourage participation, the ministry also aims to settle part of its arrears to foreign partners by Q4 2025. This step is designed to improve investor confidence and boost the submission of competitive financial and technical offers.
Parallel Efforts for Energy Security
In parallel, EGAS has agreed with domestic gas operators on an exceptional plan for the current and upcoming fiscal years to secure local supplies. The goal is to reach 6.6 billion cubic feet per day of gas production by 2027.
Earlier this month, EGAS announced 29 new natural gas discoveries across the Mediterranean, Western Desert, and Gulf of Suez during FY2024/2025. These finds added 1.85 trillion cubic feet of reserves. The company also finalized six new agreements and awarded nine exploration blocks, bringing total committed investments to $479 million, with signature bonuses of $14.5 million, according to EGAS Executive Managing Director Mahmoud Abdel Hamid.
https://www.egypttoday.com/Article/3/142411/Egypt-to-offer-five-new-mediterranean-gas-blocks-in-H1
