Egypt bid round results impress: ExxonMobil returns and Shell goes big

On 12 February, Egypt's two regulatory bodies – EGAS and EGPC – announced the winners of their respective bid rounds. Of the 27 blocks offered, 12 were awarded, mostly to incumbents. Exxon was the only newcomer, acquiring a single block in the offshore Nile Delta. Egypt's bid rounds have historically garnered high interest and the 2018 bid rounds proved no different. We consider five awards in the EGAS bid round and seven in the EGPC bid round to be a success, reflecting Egypt's rising popularity as a destination for investment dollars.