Egyptian Pure Gasoline Holding Firm (EGAS) has launched a brand new worldwide bid spherical for the exploration and exploitation of pure gasoline and crude oil in 12 blocks within the Mediterranean and the Nile Delta.
The bid spherical consists of 10 offshore blocks and two onshore blocks, and bidding will probably be accomplished by the Egypt Upstream Gateway (EUG) on-line instrument, EGAS stated in a information launch. The deadline for bidding is Feb. 25, 2025.
The bid spherical is a part of the efforts of Egypt’s Ministry of Petroleum and Mineral Assets to draw new investments to the nation, “consistent with its technique to take advantage of promising alternatives within the area of gasoline and oil exploration, particularly within the Mediterranean Sea, which holds important potential as a promising basin for pure gasoline,” the corporate stated.
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Minister of Petroleum and Mineral Assets Karim Badawi defined that the launch of the bid spherical for pure gasoline exploration helps Egypt’s course towards intensifying exploration actions within the Mediterranean, noting that growing pure gasoline manufacturing has develop into a vital component in each the native and international power combine.
That is the eighth bid spherical of its form to be launched utilizing the most recent digital instruments by Egypt Upstream Gateway (EUG), which the ministry launched originally of 2021, in accordance with the discharge. The instrument supplies seamless entry to important and up to date technical knowledge associated to bid rounds, rushing up the method of evaluating funding alternatives and submitting bids, the discharge stated.
Badawi additionally introduced the provision of extra funding alternatives in exploration, and area growth, in open areas.
In response to the EUG web site, there are at the moment 472 wells within the 12 blocks: 271 onshore, 201 offshore, and 228 within the Nile Delta. The wells have been drilled by greater than 30 operators since 1950 from shallow to deep targets, it stated.
Additional, there have been a slew of current discoveries, together with the large offshore Zohr gasoline area, which has a brand new play opening discover with an estimated 30 trillion cubic ft, in accordance with the web site.
In Might, Infinity Energy, the United Arab Emirates’ flagship renewable power firm Masdar, together with sustainable infrastructure targeted growth and funding platform Hassan Allam Utilities, signed a land entry settlement with the Egyptian authorities for the consortium’s 10-gigawatt wind farm, set to be one of many largest on the earth, with a challenge worth of over $10 billion.
The landmark wind challenge will produce 47,790 gigawatt-hours of unpolluted power per yr and minimize round 9 % of Egypt’s annual carbon emissions by displacing 23.8 million metric tons of carbon dioxide yearly, Infinity Energy stated in an earlier information launch.
The wind farm will even assist Egypt meet its strategic goal of sourcing 42 % of its power from renewables by 2030. It’ll save the nation an estimated $5 billion in pure gasoline prices per yr, in accordance with the discharge.
The settlement provides the consortium entry to a 3025 square-kilometer space of land situated in West Suhag, and can permit the consortium to conduct the required growth research to progress the challenge.
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