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ENERGY: Egypt Launches Tender for New Oil & Gas Projects: Platts

ENERGY

Egypt is launching a tender round for 12 crude and natural gas projects in the Mediterranean and Nile Delta, according to Platts citing a Ministry of Petroleum statement from Aug. 27.

  • The latest tender round, closing Feb. 25, 2025, follows Egypt’s goal of reinvigorating struggling hydrocarbon production. Egypt already approved five exploration projects on July 9.
  • The government will also provide a stimulus package to encourage oil and gas investment.
  • ENI has already agreed to increase its rig count at the Zohr field and intensify upstream developments in Egypt.
  • Declining gas production has turned Egypt into a net LNG importer since June. This is despite the Zohr field – the largest offshore gas field discovered in the Mediterranean – being expected to meet domestic demand for years to come.
  • In July, Egypt exported 570k mt of LNG, compared to 2.82m mt in July 2023. Egypt is Africa’s only LNG importer.
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