Egypt is set to initiate a new glob al tender for natural gas exploration across a minimum of 10 regions in the Mediterranean Sea and the Nile Delta waters, as disclosed by a government official to Asharq Bloomberg.
The unveiling of this international bidding process may align with the upcoming International Mediterranean Petroleum Basin Conference and Exhibition (MOC) scheduled for October in Alexandria.
Minister of Petroleum and Mineral Resources, Karim Badawi, has reached an agreement with foreign collaborators in Egypt to hasten the development schemes for the concession areas. This initiative aims to incorporate fresh wells into the production network within the next few months, as per the source.
With a target to elevate natural gas output to approximately 5 billion cubic feet per day by the close of 2024, the Egyptian government is actively pursuing this goal, as confirmed by a
government official speaking to Asharq Bloomberg earlier this August.