Egypt to launch international oil exploration tender in Q3 2026

Egypt’s Ministry of Petroleum is preparing to launch a new international tender for oil exploration covering at least 15 sites in Q3 2026, Asharq Business reported on May 20, citing a government official.

The majority of the exploration areas are located in Egypt’s Western and Eastern deserts. The planned tender is expected to draw interest from international and regional energy firms seeking exploration opportunities in areas with established petroleum potential.

The official said the new licensing round will be introduced after the completion of the current international tender for oil and gas exploration in the Red Sea, which is expected to close at the end of June, 2026.

The move forms part of Egypt’s broader strategy to attract new investment into the energy sector and strengthen domestic oil and gas production capacity. The government is seeking to expand exploration activities and accelerate development projects to support long-term energy security goals.

It aims to attract $6.2bn in foreign direct investment into the petroleum sector during FY 2026/27. The targeted funding will be directed towards well development operations and projects designed to increase local production levels.

Egypt has increasingly focused on encouraging international energy companies to expand their activities in the country through licensing rounds and investment incentives. 

Oil exploration in Egypt is gaining momentum. On May 19, Egyptian General Petroleum Corporation (EGPC) signed $208mn agreement with Capricorn Energy (LSE: CNE) and Cheiron to expand oil and gas exploration and production activities in the Badr El-Din area of the Western Desert.

The agreement provides for accelerated investments to support expanded exploration, development, and production activities aimed at increasing oil and gas output and adding new reserves. The five-year work programme includes drilling 44 production and exploration wells, one of the agreement’s main priorities, to strengthen production capacity in the region.