Egypt’s Ministry of Petroleum and Mineral Resources is preparing to launch three international tenders for oil and gas exploration in 2023, as the country aims to ramp up production and strengthen exports.
According to Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla, by leveraging the country’s status as a major exporter, the three international tenders will enable new supplies to be brought on the market, thereby consolidating Egypt’s position as a regional oil and gas stronghold.
The recent launch follows two licensing rounds opened in 2022, offering 12 blocks for exploration across the Mediterranean and Nile Delta and eight blocks across the Mediterranean, Western Desert and the Gulf of Suez Blocks.
The latter is expected to see an investment of approximately $250 million and the drilling of up to 33 wells.
With these rounds, Egypt is anticipating a significant increase in production capacity from the current 7 billion cubic feet of gas per day and associated exports.