The Egyptian Ministry of Petroleum and Mineral Resources has launched a new oil and gas exploration bidding round for 23 blocks across Egypt. The round comprises ten areas in Egypt's Western Desert, two in the Eastern Desert, seven in the Gulf of Suez and four in the Red Sea. Bids can be submitted until 25 February 2024.
In its previous bidding round launched in January 2023, Egypt proposed 12 onshore and offshore oil and gas blocks.
Egypt aims to become a regional hub for the trade of oil and LNG after major discoveries were made in recent years. In 2015, Eni discovered the Zohr gas field in the Egyptian sector of the Mediterranean Sea. The total gas in place in the field is around 850 bcm. The country is the second largest gas producer in Africa after Algeria, but only 15% of the production is exported.
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