Four Global Energy Firms Commit $343M To Egypt's Oil, Gas Exploration

(MENAFN- Daily News Egypt) Egypt has secured four new oil and gas exploration agreements worth a combined $343m with leading international energy companies, as part of the Petroleum Ministry's strategy to intensify exploration and boost production.

Petroleum and Mineral Resources Minister Karim Badawi attended the signing ceremony, which formalised partnerships between the Egyptian Natural Gas Holding Company (EGAS) and four global firms for exploration in the Mediterranean and Nile Delta. The deals provide for the drilling of 10 wells across four concession areas.

EGAS Executive Managing Director Mahmoud Abdel Hamid signed the agreements on behalf of the company.

The first agreement covers the offshore Mernieth block in the Mediterranean with Shell, entailing investments of $120m and the drilling of three wells. It was signed by Dalia El-Gabry, Chairperson of Shell Egypt.

The second agreement relates to the East Port Said offshore concession in the Mediterranean with Italy's Eni, which has committed $100m and three wells. The signing was attended by Francesco Gaspari, Eni's Egypt General Manager, alongside Wael Shahin, Vice President of BP Egypt, and Ali Abdel Manea, Production and Exploration Director at QatarEnergy, who represented Eni's partners in the block.

The third deal focuses on the onshore North Khatatba block in the Nile Delta with Russia's Zarubezhneft, covering $14m in investments and four wells. It was signed by Yassine Rahlib, Vice President of Zarubezhneft Egypt, in the presence of General Manager Rustem Bakirov and Chief Geologist Mikhail Kubrak.

The fourth agreement concerns the offshore North Damietta concession in the Mediterranean with Arkeus Energy, involving $109m in investments. The agreement was signed by Nasser Al-Yafie, Chairperson of the company, which operates as a partnership between BP and ADNOC's XRG subsidiary.

Minister Badawi said the agreements reflect the ministry's commitment to creating an attractive investment climate for international energy companies and to accelerating exploration efforts to secure Egypt's future energy supplies.

“These deals underscore our strategy's first pillar, which focuses on intensifying exploration and expanding production, especially in promising regions such as the Mediterranean and Nile Delta,” he stated.

The ministry said the agreements will contribute to expanding Egypt's gas reserves, supporting production growth, and reinforcing the country's role as a regional hub for energy.

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