The new oil exploration areas include 10 in the Western Desert, two in the Eastern Desert, seven in the Suez Gulf area, and four in the Red Sea.

The tender was launched by the Egyptian General Petroleum Corporation (EGPC) and South Valley Egyptian Petroleum Holding Company (GANOPE).

Bids will be accepted until Sunday 25 February 2024.

By 2025, Egypt aims to dig 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta at a cost of $1.8 billion.

The country has revised its projected total investments in oil and natural gas to $9 billion (EGP 277 billion) during FY2023/2024.

Over the past five years, Egypt's petroleum sector in partnership with international companies dug 576 new exploratory natural gas wells and made 289 new gas and petroleum discoveries.