$44M Allocated To Upgrading Egypt Upstream Gateway Under Extended Agreement With SLB

(MENAFN- Daily News Egypt) Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a three-year extension to the Egypt Upstream Gateway (EUG) contract between Salah Abdelkerim, CEO of the Egyptian General Petroleum Corporation (EGPC), and Sherif Bayoumi, Country Manager of Schlumberger (SLB) Egypt. The renewed agreement includes new development investments totalling around $44m aimed at upgrading the platform's capabilities.

Since its launch in 2021, the EUG has attracted nearly $1.2bn in new investments across oil and gas exploration and production activities. The platform has supported investment in 52 exploration blocks and the drilling of nearly 130 wells, hosting around 50 international and local companies that benefit from its integrated digital services.

Minister Badawi emphasised that the EUG has evolved into a state-of-the-art digital platform designed to simplify investment procedures and enhance transparency. It provides investors with access to comprehensive geological data, virtual data rooms, and specialised studies that accelerate decision-making, reduce exploration risks, and improve operational efficiency.

While attending the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025), Badawi also witnessed the signing of a landmark agreement to launch an advanced seismic survey project using Ocean Bottom Node (OBN) technology in Egypt's Eastern Mediterranean region.

Spanning an area of 95,000 square kilometres, the project will employ cutting-edge exploration technologies and will be executed by a consortium of SLB and Viridien, which won the tender issued by the Egyptian Natural Gas Holding Company (EGAS).

The agreement was signed by Mahmoud Abdel Hamid, Chairperson of EGAS, Sherif Bayoumi, Country Manager of Schlumberger Egypt, and Erling Frantzen, Vice President of Seismic Projects at Viridien.

Minister Badawi stated that the project reflects Egypt's commitment to unlocking the full potential of its gas resources in the Eastern Mediterranean and to expanding investment opportunities in upstream exploration. He added that the high-resolution seismic data to be generated will reduce exploration uncertainty, attract further international interest, and pave the way for new drilling campaigns that support the growth of domestic gas production.

The survey will be implemented in three phases, beginning with the first phase in 2026, which will cover an initial 18,000 square kilometres of the designated area.

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