Egypt has opened up 12 gas exploration blocks to foreign companies as part of its ongoing efforts to expand domestic energy production. The aim is to attract international investment and boost hydrocarbon output.
The Oil Ministry announced the investment opportunities last week via its international bidding platform. The offering includes five offshore sites and seven onshore locations, providing a diverse mix of exploration zones for interested investors.
These 12 blocks are part of a wider licensing round that presents a total of 34 oil and gas opportunities. The round is designed to enhance exploration activity and optimize the country’s untapped energy potential.
The Egyptian Natural Gas Holding Company (EGAS), a state-owned enterprise, is overseeing the gas block offerings. Most of the sites are concentrated in the Mediterranean Sea and northern regions of the country, areas known for their strategic exploration potential.
Despite holding an estimated 2.2 trillion cubic meters of proven gas reserves, Egypt continues to rely on gas imports to meet rising domestic demand, highlighting the need for increased local production.
source: www.zawya.com
