Egypt Awards Six Oil & Gas Blocks Worth $245M to Global Firms
TLDR
- The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks—four offshore in the Mediterranean and two onshore in the Nile Delta and North Sinai
- The total expected investment amounts to $245 million, with commitments to drill at least 13 exploratory wells
- Chevron Egypt and Shell secured North Samian and Northwest Atoll offshore blocks, with plans to drill two wells each
The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks—four offshore in the Mediterranean and two onshore in the Nile Delta and North Sinai—to a group of international energy companies.
The total expected investment amounts to $245 million, with commitments to drill at least 13 exploratory wells. The awards were made under Egypt’s 2024 international bid round via the Egypt Upstream Gateway (EUG), part of the country’s strategy to boost exploration and hydrocarbon output.
Chevron Egypt and Shell secured North Samian and Northwest Atoll offshore blocks, with plans to drill two wells each. Eni subsidiary IEOC Production will drill three wells in North Ras El Tin, while Cheiron Egypt will also drill three wells in East Alexandria. Onshore, IPR will drill two wells in North Tanta, and Perenco will explore El Fayrouz with a 3D seismic survey and one well.
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Key Takeaways
The latest awards reflect Egypt’s continued push to attract foreign investment in its upstream sector amid rising global demand for energy security and diversification. The Mediterranean and Nile Delta basins remain key exploration frontiers, with existing infrastructure supporting rapid commercialization of new finds. The deal includes global energy majors like Chevron, Shell, and Eni alongside regional players such as Cheiron, IPR, and Perenco. Their involvement underscores Egypt’s competitive position in the Eastern Mediterranean, reinforced by recent gas export agreements and ongoing regional cooperation. Beyond the awarded blocks, Egypt continues to offer additional opportunities through the EUG, including undeveloped offshore gas discoveries. The current bid round remains open until July 2, 2025, with further awards expected later this year. These efforts align with Egypt’s broader goals of maintaining energy self-sufficiency, expanding LNG export capacity, and positioning the country as a regional gas hub in the Eastern Mediterranean.
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