Egypt Signs Three New Oil, Gas Exploration Agreements Exceeding $121 Million

In a strategic move to bolster its energy sector, Egypt has signed three new agreements for oil and natural gas exploration, with total investments exceeding $121 million. 

The deals are part of the government’s broader efforts to attract foreign investment and expand the country’s hydrocarbon exploration activities.

The first agreement involves the reassignment of the North Sinai offshore area to Brenco Egypt. The deal, valued at $46 million, includes the drilling of three new wells.

The second contract was signed with Dragon Oil, a UAE-based company, for exploration in the East Al-Hamd region. This agreement includes $40.5 million in investments, also targeting the drilling of three wells.

While, the third and largest operational scope was agreed upon with Apache Corporation, a global oil and gas firm. The agreement covers the integrated exploration and development region in Egypt’s Western Desert, adding five new exploration areas. The investment totals $35 million and includes plans to drill 14 wells.

These agreements reflect Egypt’s ongoing commitment to strengthening its energy sector through international partnerships. The Ministry of Petroleum and Mineral Resources emphasized that such deals play a vital role in expanding the nation’s resource base, increasing production, and ensuring energy security.