Eight blocks were awarded in the first international digital bid round for oil and gas exploration and production in the Mediterranean, Western Desert, and the Gulf of Suez, according to an announcement from Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla.
The round, which concluded Aug. 1, 2021, included nine blocks in the Mediterranean Sea, 12 in the Western Desert, and three in the Gulf of Suez.
In total, two blocks in the Mediterranean, four in the Western Desert, and two in the Gulf of Suez were awarded to Eni, BP, Apex International, Energean Egypt, Ina Nafta, ENAP Sipetrol Egypt, and United Energy.
The minimum investment cost is about $250 million during the exploration phases to drill a minimum of 33 wells, in addition to the $23.7 million in signature grants.
Sipetrol Egypt ENAP was awarded exploration and development of the 875 sq km West Amer Block in the central part of the Gulf of Suez, an area characterized by high oil productivity and numerous exploitation concessions.
The Egyptian General Petroleum Corp. (EGPC) and Egyptian Natural Gas Holding Co. (EGAS) offered the first digital international bid round in 2021 for petroleum E&P operations in 24 blocks. Schlumberger’s Egypt Upstream Gateway (EUG) provided virtual access to all data including information of the offered blocks on an interactive map, data room viewing, seismic surveys, subsurface insights, and data packages.