Energy companies can bid for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta starting next week in an international tender set to be launched by state-owned Egyptian Natural Gas Holding Company (EGAS), Bloomberg Asharq reports, citing an Oil Ministry source. The door for bidding will close five months from the tender’s launch, the source added.

We knew this was coming: Oil Minister Tarek El Molla had told the news service earlier this month that Egypt plans to hold a fresh international tender for oil and gas exploration before the end of the year, adding that it will cover concessions in the Mediterranean and the Western Desert. He also suggested in November that the tender would cover concessions in the Eastern Desert, where the ministry had also been planning to launch a second international tender for minerals other than gold before the end of the year.

Our last tender saw seven international energy companies bag eight of the 24 oil and gas exploration blocks that were up for grabs in the tender, and saw BP get awarded another one of the blocks later in June. BP, Eni, Apex International, Energean Egypt, United Energy, Ukraine’s INA Naftaplin, and Chile’s Enap Sipetrol all received blocks in the tender.

All for that sweet FX: Egypt is doubling down on its oil and gas industry, as well as rationing domestic gas consumption, as part of its efforts to bring to an end a shortage of foreign currency. Ministers will be hoping that the new tender, together with the new oil exploration agreements recently approved by MPs, will provide a significant boost to output. Natural gas production reportedly fell from a peak of 7.2 bn cf per day to 6.5 bn cf/d in the year to 3Q 2022, according to the Middle East Economic Survey.

Chevron strikes gas: El Molla last week confirmed recent reports of a large gas find in the Eastern Mediterranean, though declined to provide reserve estimates. This followed a MEES report that claimed that Chevron had discovered a field estimated to contain 3.5 tn cubic feet of gas in the Narges block.