Four global companies secure rights to explore oil concessions in Egypt

Four global companies have secured rights to explore four new oil concessions in Egypt, part of a bid organised by the Egyptian General Petroleum Corporation (EGPC) last autumn, Al Mal reported on Wednesday (November 13). 

The awarded concession areas include one in the Western Desert, another in the Eastern Desert, and two in the Gulf of Suez. 

According to the plan, the four companies (namely Dragon Oil, Terra, CIS Gas, and Aten) will invest a combined $71mn with commitments to drill at least 14 exploratory wells across the awarded areas.

The round was part of a global bidding process launched in September 2023, initially offering 10 concessions under EGPC, out of which these four have been awarded.

In October, Egypt signed four Memoranda of Understanding (MoUs) with international companies including Shell, DESFA and BakerRisk to enhance oil cooperation, the Ministry of Petroleum and Mineral Resources announced.  

The agreements were signed during the Mediterranean Offshore Conference (MOC) in Alexandria, focusing on regional energy activities.

They cover several areas, including the improvement of operational safety, energy efficiency and decarbonisation, and the enhancement of natural gas and hydrogen transportation. The partnerships aim to foster sustainable energy and explore joint investment opportunities between Egypt and international companies.