Egypt has sealed four new oil and gas exploration agreements worth a combined $343m, strengthening its bid to ramp up production and cement its status as a regional energy hub.
The deals, signed in Cairo between the state-run Egyptian Natural Gas Holding Company (EGAS) and four global players, cover exploration in the Mediterranean and the Nile Delta and include drilling commitments for 10 wells.
Shell, Eni, Zarubezhneft and Arkeus Energy all signed on. Shell will invest $120m to drill three wells in the offshore Mernieth block, while Italy’s Eni and partners BP and QatarEnergy pledged $100m for three wells in East Port Said. Russia’s Zarubezhneft committed $14m to four wells in the Nile Delta’s North Khatatba block. Meanwhile, Arkeus Energy – a BP and ADNOC joint venture – agreed to pump $109m into the offshore North Damietta concession.
Petroleum Minister Karim Badawi, who oversaw the signings, said the deals “reflect our strategy to intensify exploration and expand production, particularly in promising regions such as the Mediterranean and Nile Delta”.
Officials say the agreements will help expand Egypt’s gas reserves, support production growth and reinforce the country’s role as a key energy hub in the region.
