CAIRO: Egypt has set a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea.
The tender was set for 12 blocks, split evenly between onshore and offshore, and the deadline for offers in the bid round was set for April 30, 2023, the tender announcement showed.
In a statement, Minister of Petroleum and Mineral Resources Tarek El Molla said the tender offered by the Egyptian Natural Gas Holding Co. is part of the ministry’s strategy to increase investment in the oil and gas sector.
He pointed out that the strategy, which was launched in 2016, seeks to attract international companies to work in Egypt. It also aims to encourage existing companies to increase their investments.
El Molla said this tender is the third to be offered using the latest digital methods through the Egypt Upstream Gateway, which was launched in early 2021.
He added that the portal provides digital and quick access to the basic information about the proposed tender, its regions and the technical data related to the areas in question.
Egypt’s exports of natural gas increased during the current year by 14.28 percent to reach 8 million tons, compared to 7 million tons in 2021, according to the data released by the Ministry of Petroleum and Mineral Resources.
The ministry said that gas export revenues jumped by 171 percent in 2022 to reach $8.4 billion, compared to about $3.5 billion last year, due to the increase in liquefied natural gas export prices globally.