Egypt plans to launch two new bids for oil and gas exploration in over 16 regions in the country’s south and the Red Sea by the end of 2023, according to media reports.
Egypt extended the closing date for two previous bids to mid-July earlier this year, allowing more time for companies interested in exploring the Mediterranean Sea, Nile Delta, Gulf of Suez, and the Eastern Desert.
One of the sources revealed that these upcoming bids will cover eight regions under the Egyptian General Petroleum Corporation and at least eight regions under the South Valley Petroleum Holding Company, reported Asharq Business.
Egypt aims to establish itself as a major energy hub by liquefying and re-exporting gas.
The country currently produces between 6.5 and 7 billion cubic feet of natural gas per day.
The source further revealed that the bidding process for the South Valley Petroleum Holding Company will be significant as it marks the company’s first bidding round since March 2019.
During that round, UAE companies Chevron, Shell, and Mubadala were awarded three sectors for oil and gas exploration in the Red Sea.
Egypt has ambitious plans to increase its oil exports by 15% this year, reaching around $21 billion.