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Egypt: New Bid at 12 Blocks in Mediterranean, Nile Delta on Oil and Gas Exploration

The areas shaded in red are for the new tender for oil and gas exploration in the Nile Delta and the Mediterranean Sea. (Asharq Al-Awsat)
The areas shaded in red are for the new tender for oil and gas exploration in the Nile Delta and the Mediterranean Sea. (Asharq Al-Awsat)
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Egypt: New Bid at 12 Blocks in Mediterranean, Nile Delta on Oil and Gas Exploration

The areas shaded in red are for the new tender for oil and gas exploration in the Nile Delta and the Mediterranean Sea. (Asharq Al-Awsat)
The areas shaded in red are for the new tender for oil and gas exploration in the Nile Delta and the Mediterranean Sea. (Asharq Al-Awsat)

Egypt has set a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea, the petroleum minister announced on Tuesday.

Tarek El-Molla said the tender was set for 12 blocks, split evenly between onshore and offshore.

According to the Egyptian digital portal for exploration and production, the deadline for offers in the bid round was set for April 30, 2023.

The portal, which was created by the ministry in 2021 to attract investments for research and exploration, provides basic information about the proposed bid, in addition to the basic terms and conditions, agreement form, and procedures for joining the tender.

The bid, put forward by the Egyptian Natural Gas Holding Company (EGAS), comes as part of the petroleum ministry’s strategy to attract more investments to explore gas and oil in promising areas, Molla said in a statement.

“The strategy provides opportunities to attract investments by new international companies, in addition to encouraging operating companies to increase their investments and expand their areas of operation.”

Molla pointed out that the efforts serve Cairo’s goal to intensify research and exploration activities for its natural gas resources in the Mediterranean, in light of the intensive efforts by other Mediterranean countries to increase gas discoveries and production.

The minister added that the tender is the third launched through the Egyptian digital portal for exploration and production.

The petroleum minister announced in mid-December the discovery of a large gas field in the Nargis block in the eastern Mediterranean.

The Middle East Economic Survey reported that the size of the new well was 3.5 trillion cubic feet of gas.

The find could provide a boost to Egypt's efforts to position itself as an energy hub in the eastern Mediterranean following the 2015 announcement of the discovery by Eni of the giant Zohr gas field.

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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.