Egypt

Egypt to launch new international bids for oil, natural gas exploration in 2024

Published on : 2024-01-10

Egypt is working on the launch of new international bids for oil, natural gas, and gold exploration during 2024, Minister of Petroleum Tarek El-Molla told Asharq Business on January 8th.

The new gold auction will be launched during the second half (H2) of 2024, El-Molla added on the sidelines of the International Mining Conference in Riyadh.

The minister also revealed that the international oil and natural gas tenders would be of onshore and offshore fields in the Gulf of Suez and the Eastern and Western Desert.

Egypt’s average production of natural gas hit 5.8 billion cubic feet per day in 2023, El-Molla pointed out.

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The Minister stressed the importance of expediting the implementation of strategic projects, particularly the ozoris and Atoll fields, and connecting their production to the national grid, reaffirming the Ministry’s full support for this direction.