Egypt announces new international bid for oil, gas exploration in 23 areas

Egypt’s petroleum ministry has on Monday announced an international bid round for gas and oil exploration in 23 new areas.

The bid includes 10 areas in the Western Desert,  two in the Eastern Desert, seven in the Gulf of Suez, and four in the Red Sea, a statement by the ministry read.

According to CNBC Arabia, the ministry also said that the period for receiving offers and inquiries about the bid will run until February 25, 2024.

The ministry also assured that the new bid will help increase the Egyptian production of petroleum resources as well as investments in gas fields.