Egypt's Ministry of Petroleum and Mineral Resources announced on October 6, 2020 that a new oil and gas exploration area, known as the "Compound 205," had been identified in the Western Desert. The compound is located in the Eastern Gulf of Suez Basin, and is estimated to contain around one billion barrels of oil and 4.5 trillion cubic feet of gas. The ministry has expressed its intention to start the bidding process for exploration and production rights, as well as drilling activities, in the near future. The findings of this new area is expected to provide a significant boost to the country's energy production, and help to meet the rising demand for energy in the region.