Egypt to launch new Red Sea oil, gas exploration bid round via EUG
Updated 10/15/2025 8:49:00 AM
Arab Finance: Egypt is preparing to launch a new international bid round for oil and gas exploration in four concessions at the Red Sea through the Egypt Upstream Gateway (EUG), Minister of Petroleum and Mineral Resources Karim Badawi announced during meetings held on the sidelines of the World Energies Summit in London.
Badawi met with Director of Exploration Data and Digital Solutions at SLB Andrea Lovatini, Chairman of the Egyptian Natural Gas Holding Company (EGAS) Mahmoud Abdel Hamid, and Vice Chairman of South Valley Holding Company and Director of EUG Mohamed Radwan, to review preparations for promoting the upcoming bid and discuss the Eastern Mediterranean regional seismic survey project.
The meeting highlighted the ongoing partnership between Egypt’s petroleum sector and SLB, particularly through the EUG platform, which serves as a key digital hub for facilitating investments and marketing exploration opportunities.
Discussions also covered cooperation in deploying advanced technologies and digital solutions to enhance exploration efforts and achieve new discoveries.
Badawi also met with Patrick Pouyanné, CEO of TotalEnergies, to discuss new investment prospects in gas and oil exploration, alongside ongoing improvements to Egypt’s investment environment aimed at attracting further capital inflows.
The talks reviewed progress on the project to transport Cypriot gas from the Kronos field to Egypt for processing, under the Eni-Total alliance.
In a separate meeting with Director of Vice President, Carbon Capture, Utilization, and Storage (CCUS) at Chevron International Chris Powers and Chevron’s General Manager in Egypt Chana Kurukulasuriya, discussions focused on finalizing the awarding of new gas exploration blocks won by the company in the latest EGAS bid round via the EUG portal, as well as exploring opportunities in the Red Sea and Western Mediterranean.
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