Egypt is preparing to launch a new international bid round for oil exploration during the third quarter of 2026, targeting at least 15 exploration areas primarily located in the Western and Eastern deserts as the country seeks to boost domestic oil and gas production and attract fresh foreign investment into the energy sector.
Government officials told Asharq Business that the new offering is expected to be launched following the closure of Egypt’s current Red Sea oil and gas exploration bid round, scheduled to conclude at the end of June.
The planned auction will be offered through the Egypt Upstream Gateway (EUG) and, for the first time, will reportedly include updated production-sharing mechanisms designed to better align investment returns with exploration risks and capital expenditures in an effort to attract additional international energy companies.
The move comes as Cairo targets approximately $6.2 billion in foreign direct investment in the petroleum sector during the 2026-2027 fiscal year to finance drilling operations, field development projects, and production expansion programs.
According to officials cited by Asharq, Egypt aims to increase crude oil and condensate production by around 12% to approximately 626,000 barrels per day by the end of the next fiscal year, compared with roughly 560,000 barrels currently. The country also plans to raise natural gas production to about 4.3 billion cubic feet per day from levels currently below 4 billion cubic feet daily.
Egypt’s broader long-term energy strategy targets increasing natural gas production to 6.6 billion cubic feet per day by 2030. The plan also includes drilling 14 exploratory wells in the Mediterranean during 2026 to assess reserves estimated at around 12 trillion cubic feet of gas.
The expansion efforts come as Egypt continues working to narrow the gap between domestic energy demand and local production. The country currently requires around 6.2 billion cubic feet of gas daily to meet consumption needs, with demand rising to nearly 7 billion cubic feet during peak summer months.
To address the shortfall, Cairo is expected to continue importing liquefied natural gas through 2030 while securing additio
