On 13 August 2020, the Minister of Petroleum and Mineral Resources, Tarek El Molla commented on the Egypt-Greece maritime border agreement recently signed between the two countries saying that it opens opportunities for new E&P bid rounds in the Mediterranean Sea. El Molla stated that during the upcoming months, the ministry will define new acreages that could be on offer in the near future.  On 6 August 2020, Egyptian and Greek foreign ministers signed an agreement on the demarcation of the maritime border between the two countries setting up an exclusive economic zone (EEZ) between them in the Mediterranean Sea. This maritime border runs across two deep offshore sedimentary basins, the Herodotus Basin and the Mediterranean Ridge, which represent a frontier area in terms of hydrocarbon exploration.  El Molla's statement indicates a change in Cairo's strategy in granting exploration rights in the area. In January 2020, the government decided to cancel the organization of EGAS's West Mediterranean Sea bid round expected in Q1 2020 and to grant blocks on an ad-hoc basis. Following this decision, the ministry awarded 9 offshore blocks (in the Herodotus, Nile Delta and Levantine basins) to ExxonMobil, Chevron, Shell, BP and Total after direct negotiations.
Egyptian government opens door for new E&P bid rounds in the Mediterranean Sea