Egypt targets up to $70 million investment through seven new oil and gas blocks

Six blocks in southern Egypt, including South Al-Baraka, North Al-Baraka, and Khart areas, will be awarded to Canada’s Mediterra and the General Petroleum Company. The seventh block, in the Red Sea, is expected to go to BP. Samir Raslan, Chairman of the South Valley Egyptian Petroleum Holding Company, stated that these areas offer promising exploration prospects with low development costs.

The Al-Baraka and West Al-Baraka concessions have been merged to improve economic viability. An extensive seismic survey covering approximately 100,000 square kilometers in southern Egypt is underway to generate new geological data and identify over 10 additional investment-ready areas. Petroleum and Mineral Resources Minister Karim Badawi inspected the Al-Baraka field, where drilling and production have resumed after a suspension since 2022.

Mediterra has deployed a drilling rig and initiated a program to restore production, including maintaining seven wells, drilling two new ones, and evaluating five others. Badawi highlighted Upper Egypt's importance in the ministry's strategy to expand exploration and production, noting the region's largely underexplored petroleum potential. The government plans to support these activities with investment incentives, such as the R-Factor mechanism and concession area consolidation, to boost project eco