Egypt starts its first global bid for oil and gas exploration through the digital portal

Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, gave the Egyptian Upstream Gateway “EUG” the signal to start the actual operation, via video conference.

 ” EUG ” is the first digital platform that provides geological data for research, exploration and production activities in Egypt with international standards.

 The digital platform is part of the investment attraction program within the project of developing and modernizing the petroleum sector.

 Al-Mulla also announced the launch of the first global bid for oil and gas search and exploitation for the year 2021 to the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company (EGAS) through the Egypt Upstream Gateway – EUG in 24 regions in the Gulf of Suez, Western Sahara, and the eastern and western Mediterranean.

 The minister valued the efforts of the employees of the portal project for their success in completing the project 12 months after the signing of the Memorandum of Understanding between the Petroleum Authority and Schlumberger to establish the portal, as part of the activities of the EGYPT 2020 conference.

 Al-Mulla pointed out that the portal project is the first electronic platform of its kind in Egypt and a milestone in the efforts of digital transformation and an important step taken by Egypt to reach a global level in the field of oil and gas research and exploration.

 The portal aims to attract more investments through the availability of geological data and the effective promotion of investment opportunities in a modern, advanced and accessible manner for international companies interested in investing in the field of exploration.

 This will result in an increase and acceleration of the exploration processes, and thus more discoveries and increased production.

During the events, 10 heads of major international oil companies, including Italian Eni, American Apache and German Dea, signed membership agreements in the Egypt Research and Exploration Portal before the actual launch of the portal, which is considered a proof of confidence from these companies operating in the field of exploration in Egypt’s attracting – investment climate and the promising opportunities that it abounds.

On his part, Olivier Le Bosch, President of Schlumberger International, affirmed that the portal will unlock all potentials of the petroleum sector and will have a rapid impact on the field of research and exploration.

The portal is also considered a basic benchmark for the oil and gas industry in Egypt to improve performance in light of strong global competition, and to achieve sustainability goals for future generations.

The geological portal launch event was attended by Ashraf Farag, First Undersecretary for Agreements and Exploration, Engineer Abed Ezz Al-Rijal, CEO of the Petroleum Authority, Dr. Magdy Galal, President of EGAS, Engineer Tarek Rizk, CEO of Schlumberger for the Middle East and North Africa, Engineer Karim Badawy, CEO of Schlumberger for Egypt and the Eastern Mediterranean, and a number of Presidents of international oil companies operating in Egypt.