According to the new draft law, the petroleum ministry will enter into a contract with the Egyptian General Petroleum Corporation, Apex International Energy and INA for oil exploration and development in a designated area.

Apex Energy in Egypt
Earlier in 2023, Apex International Energy acquired interests in four concessions in the Western Desert oil-producing region of Egypt from International Egyptian Oil Company (IEOC) Production B.V., a unit of Eni S.p.A, according to reports.

Future plans
Egypt’s state-owned oil companies are gearing up to inject more than $744.4 million into investments starting in July 2024. Egypt also plans to launch fresh international bidding rounds for the exploration of oil, natural gas, and gold. The country also plans to dig 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta by 2025, having invested $1.8 billion already in the same.

According to a statement by the Egyptian Ministry of Petroleum and Mineral Resources, Public petroleum sector companies are targetting investments of about $76.4 million (EGP 23 billion) in the budget for the next fiscal year (FY) 2024/2025. Minister Tarek El Molla added that the development witnessed by petroleum sector entities, especially the public sector, is unprecedented.

Source: Oil and Gas Middle East