Back to the complete issue
Wednesday, 26 January 2022

New oil + gas exploration bid round coming soon

New oil and gas exploration rights will be up for grabs in 1H2022. The government plans to launch a new global tender for oil and gas exploration before June, Bloomberg Asharq reported Oil Minister Tarek El Molla as saying during a press conference yesterday. No further details were disclosed on the upcoming tender.

The Oil Ministry kicked off 2022 by wrapping up its last tender: Earlier this month, seven international energy companies including BP and Eni were awarded eight of the 24 oil and gas exploration blocks included in the government’s 2021 bid round. The ministry didn’t disclose the status of the other 16 concessions put up for auction in the bid round, which ran between mid-February and the end of July last year.

The sector has seen a lot of activity lately: At the end of last year, the Oil Ministry inked a USD 3.5 bn agreement with Apache and Sinopec, and Italian energy firm Eni committed to invest a minimum USD 1 bn on oil production in Egypt. Canadian firm Transglobe and London-based Pharos Energy this year signed E&P agreements worth USD 506 mn. The ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector next fiscal year, El Molla said earlier this week.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.