CAIRO – August 27, 2024: The Ministry of Petroleum and Mineral Resources recently launched a new global tender process for 2024 through the Egyptian Natural Gas Holding Company (EGAS).

The objective of this tender is to explore for natural gas and crude oil in 12 sectors in the Mediterranean Sea and the Nile Delta, covering 10 marine sectors and two land sectors.

This project is in line with the Ministry’s strategy to attract new investments to Egypt by exploiting opportunities in gas and oil exploration.

Minister Karim Badawi presented a new incentive package to boost crude oil and natural gas production, stressing the sector’s commitment to creating a favourable investment environment and encouraging partners to increase their investments.

During a comprehensive meeting with international oil production partners, Badawi explained that these incentives are novel mechanisms linked to increasing production levels and encouraging exploratory drilling, development activities and production processes.

In particular, part of the additional revenue from the increase in production will be used to cover the partners’ obligations.

By closing the gap between local production and consumption and reducing monthly import expenditure, this initiative will not only increase gas and oil production but also provide additional financial resources to all stakeholders.

Ultimately, this strategic move is expected to advance research, exploration and production efforts, thereby bringing significant benefits to the state.