strategy to attract new exploration investments

As part of the Ministry of Petroleum and Mineral Resources’ plan and strategy to attract new exploration investments, and to support current efforts to increase production, the Egyptian Natural Gas Holding Company, EGAS, has awarded 6 new blocks to a number of international companies. This contributes to maximizing investments in exploration, with an expected investments of approximately USD 245 million and the drilling of at least 13 new exploratory wells during the exploration period.

These include 4 new offshore blocks in the Mediterranean—offered within the 2024 international bid round via the Egypt Upstream Gateway “EUG” —as well as 2 onshore blocks in the Nile Delta and North Sinai.

These blocks have been awarded to the following companies:

North Samian Offshore Block & Northwest Atoll Offshore Block: awarded to the Chevron Egypt & BG (Shell) consortium, with plans to drill 2 exploratory wells in each block.

North Ras El Tin Offshore Block: awarded to IEOC Production (Eni), with plans to drill 3 exploratory wells.

East Alexandria Offshore Block: awarded to Cheiron Egypt, with plans to drill 3 exploratory wells.

North Tanta Onshore Block (Nile Delta): awarded to IPR, which plans to drill 2 exploratory wells.

ElFayrouz Onshore Block (North Sinai): awarded to Perenco, which plans a 3D seismic survey and 1 exploratory well.

Additionally, more investment opportunities are currently available on the Egypt Upstream Gateway “EUG”, including several undeveloped offshore discoveries in the Mediterranean. The bidding for these areas is scheduled to close on 2 July 2025, and the results will be announced promptly after bid submission closes.