Egypt said exploration activity over the past two fiscal years resulted in 112 oil and gas discoveries, including 88 crude oil finds and 24 natural gas discoveries, after drilling 149 exploratory wells.
Oil Minister Karim Badawi said one of the most notable discoveries was the Denis gas find in Port Said, adding that the sector continues to expand exploration work across the country.
Two-year discovery total
According to the ministry, the new discoveries were spread across oil and gas fields as part of efforts to support energy production and boost domestic reserves.
The minister said the 2024/2025 and 2025/2026 fiscal years saw 19 exploration and production agreements signed, with a minimum investment value of $823.1 million and signature bonuses worth $93.5 million, along with commitments to drill 134 wells.
13 new agreements worth more than $1 billion
Badawi said preparations were under way to sign 13 new petroleum agreements worth more than $1 billion in investment, including commitments to drill 120 additional wells.
He said the agreements are part of a broader plan to expand exploration activity and strengthen Egypt’s oil and gas sectors in the years ahead.
New seismic survey near the Libyan border
The minister also said a new seismic survey is being prepared in the Western Desert near the Libyan border to collect geological and geophysical data that would support oil and gas exploration in an area with no previous petroleum activity.
The survey is intended to expand the technical data available and identify new opportunities in Egypt’s western frontier.
New bidding round for 14 exploration areas
In a separate announcement, Egypt said it had launched an international bidding round for oil and gas exploration in 14 new areas.
The minister said the tender is being offered digitally through the Egypt Upstream Gateway (EUG) and operates under a production-sharing system designed to simplify applications and attract investment.
Locations and application periods
The new areas cover the Mediterranean, Nile Delta, North Sinai, the Gulf of Suez, Sinai and the Western Desert, providing a broad geographic spread of opportunities for international firms.
The bidding process is split into two application windows. Eight areas will remain open for submissions from August 11 to December 14, while six other areas will be open from August 11 to November 11.
Conclusion:
The new discoveries and exploration zones reflect Egypt’s push to expand its oil and gas output through new investments, contracts and geophysical surveys in promising areas. The announcements also show Cairo’s continued effort to attract global energy companies.
