The Egyptian Ministry of Petroleum has announced the launch of new investment opportunities to develop 7 fields in the Mediterranean and 6 exploration areas in the Gulf of Suez and Western Sahara.
The ministry stated, in a statement, that these opportunities come “as part of its continuous efforts to increase production from crude oil and gas, and the bidding will be opened for a period of two months, and the closing date will be May 4, 2025.”
“These opportunities open great prospects for expanding oil and gas production and enhancing the positive impact on the national economy,” the statement added.
Egypt attaches importance to expanding gas production in light of its dependence on it to provide a large part of its electricity needs.
The decline in Egypt’s gas production led to Egypt’s return to the clear import of the importer, but it is holding talks with global oil and gas companies to increase its investments to compensate for the decline.
Dhuhr field
It is worth noting that the Egyptian Minister of Petroleum Karim Badawi said last month that the excavation work on the project to complete the development of the back field was resumed in mid -February.
The field production was affected by the delay in the dues of foreign oil companies.
The head of Petrobl Company, Khaled Muwafi, said that the new works will include 3 wells in a back field that starts with the well at noon 13, then 6 afternoon, followed by 9.
The average production in the field of noon is 1.9 billion cubic feet per day in the first half of 2024, which is much lower than the peak it reached in 2019.
Egypt attaches importance to expanding gas production in light of its dependence on it to provide a large part of its electricity needs.
In July, the government stopped cutting electricity as part of what it calls dilution of loads, after some natural gas shipments arrived.
