Petroleum Ministry launches bid round for new exploration in 4 blocks across Red Sea
Updated 11/4/2025 11:38:00 AM
Arab Finance: The Ministry of Petroleum and Mineral Resources has launched a new international bid round for new exploration opportunities in four blocks across the Red Sea, according to a statement.
During the ADIPEC Exhibition and Conference 2025, Minister of Petroleum Karim Badawi said the initiative aims to expand exploration areas and unlock greater potential and flexibility.
The bid round is offered by the South Valley Egyptian Petroleum Holding Company (Ganope) through the Egypt Exploration and Production Gateway (EUG).
It is the first to deploy modern systems that encourage international companies to inject new investments into virgin areas and deep waters. This is achieved through a production-sharing system based on the R-Factor model, commensurate with the level of risk and investment.
Badawi emphasized that the new bidding round falls within the first pillar of the ministry's strategy, which aims to attract more foreign investment in exploration and production, particularly in uncharted geological basins.
He noted that the Red Sea region is one of the most important new petroleum areas that provides major opportunities for future discoveries that might contribute to boosting production capacity.
All details of the bidding round are available to international companies through the EUG, which is the official digital platform for presenting investment opportunities in exploration, production, and field development.
Bid submission closing date will be on May 3rd, 2026, at 12:00 noon (local time).
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