Supermajor Oil Companies Awarded Blocks of Egypt's Oil & Gas Bids

Egypt’s Ministry of Petroleum and Mineral Resources has awarded four blocks of oil and gas exploration to four supermajor energy companies, namely British Petroleum (BP), Italy-based Eni, QatarEnergy and Russia’s Zarubezhneft. Eni will take two blocks, BP and QatarEnergy will take a third block as part of a coalition, and Zarubezhneft will take the fourth block.

The government plans to invest USD 1.5 billion into the drilling of 35 natural gas wells by 2025. To that end, the Ministry of Petroleum and Mineral Resources has opened exploration bids for 23 blocks in the Western Desert, Eastern Desert, Gulf of Suez and the Red Sea.