Growing population, industrialization, and power requirements are adversely affecting the environment through increased greenhouse gases resulting from fossil fuel burning. Global greenhouse gas mitigation targets have led nations to promote clean and self-renewable sources of energy to address this environmental issue. Offshore wind power resources are relatively more attractive due to high winds, less turbulence, minimal visualization effects, and no interaction of infrastructure. The present study aims at conducting an offshore wind power resource assessment (OWPRA) at some locations in the Gulf of North Suez. For this purpose, the long-term hourly mean wind speed (WS) and wind direction above mean sea level (AMSL), as well as temperature and pressure data near the surface, are used. The data is obtained from ERA5 (fifth generation global climate reanalysis) at six (L1–L6) chosen offshore locations. The data covers a period of 43 years, between 1979 and 2021. The WS and direction are provided at 100 m AMSL, while temperature and pressure are available near water-surface level. At the L1 to L6 locations, the log-term mean WS and wind power density (WPD) values are found to be 7.55 m/s and 370 W/m2, 6.37 m/s and 225 W/m2, 6.91 m/s and 281 W/m2, 5.48 m/s and 142 W/m2, 4.30 m/s and 77 W/m2, and 5.03 and 115 W/m2 and at 100 m AMSL, respectively. The higher magnitudes of monthly and annual windy site identifier indices (MWSI and AWSI) of 18.68 and 57.41 and 12.70 and 42.94 at the L1 and L3 sites, and generally lower values of wind variability indices, are indicative of a favorable winds source, which is also supported by higher magnitudes of mean WS, WPD, annual energy yields, plant capacity factors, and wind duration at these sites. The cost of energy for the worst and the best cases are estimated as 10.120 USD/kWh and 1.274 USD/kWh at the L5 and L1 sites, corresponding to wind turbines WT1 and WT4. Based on this analysis, sites L1, L3, and L2 are recommended for wind farm development in order of preference. The wind variability and windy site identifier indices introduced will help decision-makers in targeting potential windy sites with more confidence.