Egypt has awarded eight oil and gas exploration blocks in the Mediterranean, Western Desert, and the Gulf of Suez to international oil companies, according to a statement from the Petroleum Ministry on Monday.
The awarded companies are Eni, British Petroleum, Apex International, Energean Egypt, INA Nafta, Enap Sipetrol and United Energy, the statement read.
The companies are to invest a minimum of $250 million and drill at least 33 exploration wells in an area estimated at 12.3 thousand square kilometers.
The Ministry launched the bid on the new digital platform, Egypt Upstream Gateway, in February to ramp up exploration and boost production from its hydrocarbon assets.
Minister of Petroleum and Mineral Resources Tarek al-Molla said that the international tender has achieved positive results in attracting new investments, in light of the current global health situation.
The Gateway has contributed to facilitating international companies’ access to all geological and geophysical data for all regions.
The announcement comes one week after the agreement Cairo signed with the American Apache Company, under which the company will invest $3.5 billion on research, exploration, development and production in the Western Desert area.
Late in December, Egypt also signed a $1 billion agreement with the Italian energy company Eni, for oil exploration in the Gulf of Suez and Nile Delta region.
Under the agreement, Eni is committed to spend at least an additional $20 million to drill four new wells.
