CAIRO - 27 August 2024: The Ministry of Petroleum and Mineral Resources has recently initiated a fresh global bidding process for 2024 through the Egyptian Natural Gas Holding Company (EGAS)
. This bidding aims to explore natural gas and crude oil in 12 sectors across the Mediterranean Sea and the Nile Delta, covering 10 marine sectors and two land sectors.
This endeavor aligns with the Ministry's strategy to attract new investments to Egypt by leveraging opportunities in gas and oil exploration.
Minister Karim Badawi unveiled a new incentive package designed to boost crude oil and natural gas production, underscoring the sector's dedication to fostering a favorable investment environment and encouraging partners to increase their investments.
During a comprehensive meeting with international petroleum production partners, Badawi outlined that these incentives involve novel mechanisms tied to enhancing production levels, boosting exploratory drilling, development activities, and production operations.
Notably, a portion of the additional revenues generated from production increases will be allocated to offset partners' obligations.
By bridging the local production-consumption gap and lowering the monthly import expenditure, this initiative will not only increase gas and petroleum output but also furnish additional financial resources for all stakeholders.
Ultimately, this strategic move is poised to elevate research, exploration, and production endeavors, thereby yielding substantial benefits for the state.
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