The Egyptian Natural Gas Holding Company (EGAS) has awarded six new blocks to several international companies to maximize exploration investments, estimated at $245 million, with at least 13 new exploratory wells expected to be drilled during the exploration period.
Four offshore blocks in the Mediterranean were awarded as part of Egypt’s 2024 international bid round via the Egypt Upstream Gateway (EUG): two to the Chevron Egypt & BG (Shell) consortium, one to IEOC Production (Eni), and one to Cheiron Egypt. Additionally, two onshore blocks in the Nile Delta and North Sinai were granted to IPR and Perenco, respectively.
Gas production in Egypt has been decreasing very rapidly since its peak in 2021 at 71 bcm (-14%/year), reaching 45 bcm in 2024. This decline is due to reduced output at the main natural gas field (Zohr). Egypt became a net gas importer in 2023, with imports doubling in 2024 to 13 bcm. Egypt has significant gas resources, with 2,209 bcm of gas (2024).
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