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Egypt: EGAS Launches Bid for Gas Explorations in Mediterranean

An aerial view shows the newly arrived foundation platform of Leviathan natural gas field, in the Mediterranean Sea (File photo: Reuters)
An aerial view shows the newly arrived foundation platform of Leviathan natural gas field, in the Mediterranean Sea (File photo: Reuters)
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Egypt: EGAS Launches Bid for Gas Explorations in Mediterranean

An aerial view shows the newly arrived foundation platform of Leviathan natural gas field, in the Mediterranean Sea (File photo: Reuters)
An aerial view shows the newly arrived foundation platform of Leviathan natural gas field, in the Mediterranean Sea (File photo: Reuters)

Egyptian Natural Gas Holding Company (EGAS) plans to launch a global bid for gas explorations in the western Mediterranean region during H1 of 2020, an official source said.

Local media quoted on Monday the source, which asked not to be named, as saying that EGAS is currently working on determining the areas to be offered during the bid and obtaining approvals.

Last year, the Ministry of Petroleum completed the second phase of the seismic survey project for the western Mediterranean region in preparation for launching a global bid for oil and natural gas exploration.

It also launched in 2018 the implementation of the seismic survey project in the Gulf of Suez with Schlumberger.

According to the company's report for the last fiscal year, EGAS seeks to drill 15 exploration wells in the Nile Delta and the Mediterranean during the current fiscal year at an estimated cost of $422 million.

EGAS also established 12 development projects with an initial production of 2.046 billion cubic feet of gas per day, with an average added production of about 1.464 billion cubic feet per day, at an investment cost of $7.108 billion.

Egypt's natural gas production in FY2017-18 rose to 2.51 trillion cubic feet.

Meanwhile, Minister of Petroleum and Mineral Resources Tarek el-Molla received Monday Norwegian Ambassador Lena Natasha Lind and reviewed the procedures and programs that led to increasing investments in the petroleum and natural gas sectors.

The two sides discussed boosting cooperation in the petroleum and gas domains.

Molla pointed to the promising exploration areas in the Western Mediterranean and Red Sea, which represent good opportunities for international companies, as well as the maritime areas of the member countries of the Eastern Mediterranean Gas Forum.

The Norwegian diplomat expressed the Norwegian companies’ desire to increase their investments in the petroleum domain, citing investments by Equinor energy company and other Norwegian specialized service companies.

Lind praised the contribution of the Norwegian company BGS in the two-dimensional seismic research and data processing project carried out for the EGAS.

She invited Molla to attend the World Petroleum Conference and Exhibition to be held in Norway in August 2020.

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Saudi Arabia, IFAD Partner to Fight Hunger

Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)
Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)
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Saudi Arabia, IFAD Partner to Fight Hunger

Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)
Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)

Amid a widening global food gap and the mounting impacts of climate change, the International Fund for Agricultural Development (IFAD) has underscored the vital importance of boosting support for agricultural and food-related activities to drive sustainable development in rural areas.

 

The UN agency praised its strong and multifaceted cooperation with Saudi Arabia, highlighting key areas of focus that include food security, rural development, and strengthening resilience to environmental changes.

 

IFAD is also ramping up efforts to promote the “blue economy” as part of its broader strategy to support sustainable development, particularly in rural and coastal communities, a senior official told Asharq Al-Awsat.

 

Naoufel Telahigue, IFAD’s Regional Director for the Near East, North Africa and Europe, said the Rome-based UN agency is working to scale up sustainable use of oceans, seas, and water resources to drive economic growth, improve livelihoods, and safeguard marine ecosystems.

 

“The blue economy is an emerging development approach that recognizes the economic potential of our marine and aquatic resources—when used sustainably,” he said.

 

According to Telahigue, IFAD has implemented more than 100 projects across 35 countries over the past four decades, with total investments exceeding $3.4 billion, of which the Fund contributed $1.5 billion.

 

These projects have reached over 80 million beneficiaries, including fishers, aquaculture farmers, seafood processors, traders, as well as women, youth, Indigenous peoples and persons with disabilities.

 

Currently, over 75 active IFAD-supported projects target fisheries, aquaculture, and livelihoods in coastal zones.

 

The blue economy spans a range of sectors, including sustainable fishing, aquaculture, coastal tourism, marine renewable energy, maritime transport, and waste management. Telahigue said IFAD is focused on helping rural populations reduce poverty, boost food security, improve nutrition, and build resilience to environmental shocks.

 

Since its establishment in 1978, IFAD has provided more than $25 billion in low-interest loans and grants to fund development projects in low- and middle-income countries.

 

Telahigue pointed to a set of challenges hampering IFAD’s mission, including limited funding amid rising global crises, the growing impact of climate change on livelihoods, and poor infrastructure in targeted regions. He also highlighted political instability and armed conflict as key obstacles to project implementation and sustainability.

 

“The lack of inclusivity and equal access to resources remains a major concern,” he added.

 

To address these issues, Telahigue called for strengthening partnerships, adopting innovative financing solutions, and developing flexible, community-based interventions. He stressed the importance of improving monitoring and evaluation systems to ensure long-term sustainability and maximize impact.

 

Saudi Arabia continues to provide robust and diversified support to the International Fund for Agricultural Development (IFAD), with a focus on rural development, food security and climate change adaptation, a senior official at the UN agency said.

 

As a founding member of IFAD, the Kingdom has contributed more than $485 million since 1977, reflecting its long-standing commitment to poverty reduction and strengthening food systems in developing countries, said Telahigue.

 

He described the opening of IFAD’s liaison office in Riyadh in 2019 as a pivotal step toward deepening partnerships with Gulf Cooperation Council (GCC) countries, facilitating knowledge exchange, and rolling out innovative initiatives.

 

Among them is the “reimbursable technical assistance” program, which supports smallholder farmers in Saudi Arabia’s Jazan region with climate-smart production models for crops such as coffee and mango.

 

In 2021, IFAD signed a cooperation agreement with the King Salman Humanitarian Aid and Relief Center to combat hunger and malnutrition in the world’s most vulnerable countries by improving sustainable access to food.

 

Telahigue said IFAD’s goals align closely with Saudi Arabia’s flagship environmental initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, which aim to restore ecosystems and promote environmental sustainability—both on land and across marine and coastal zones.