Egypt's Petroleum Ministry launched an international bidding round for exploration in 23 open blocks, with the offer deadline set for Feb. 25, marking a significant expansion in the nation's energy sector.
According to a press release acquired by Asharq Al-Awsat, the round includes ten areas in Egypt's Western Desert, two in the Eastern Desert, seven in the Gulf of Suez, and four in the Red Sea.
Egypt, the most populous Arab country, has sought to position itself as a regional energy hub.
Minister of Petroleum Tarek el-Molla stated that the new bid includes new areas for exploration and research, employing the latest digital tools and methods.
It provides a highly advanced marketing window for available petroleum opportunities.
The new bid considers the diversity of sectors offered in all petroleum regions, said Molla, noting that it introduces a new offering in the Red Sea areas.
The Red Sea witnessed advanced seismic surveys, resulting in valuable geological data processed according to advanced global standards.
Egypt continues its efforts to increase its production of petroleum resources and boost the planned investments, enriching the production process and geological databases for petroleum production regions, according to Molla.
Meanwhile, the ministry announced Monday that the General Petroleum Company added an estimated reserve of approximately 38.3 million barrels of oil equivalent during the fiscal year ending in June.
A separate press statement noted that the company achieved its highest-ever production rate during the 2022-2023 fiscal year, registering approximately 74,000 barrels per day of oil equivalent.
The statement also highlighted the Minister's directive during the general assembly of the Cooperation and Egypt Petroleum Companies, urging expansion in providing refueling services for aircraft and ships.
Additionally, he emphasized the importance of expanding the production of mineral oils and specialized products, including high-quality chemicals and industrial detergents.