Egypt Signs $252 Million in Exploration Agreements to Boost Energy Sector
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Khalid Al Mansoor
- . May 15, 2025
- . Update: May 15, 2025 8:20 pm
Cabinet of Egypt has approved five strategic agreements on petroleum concession meant to boost the country’s energy resources. The deals, which are worth total aggregate $252 million, entail collaborations between the state organizations and international energy companies aiming at the core exploration areas of the country.
The Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) will partner with many international businesses in these projects, which are geared towards oil and gas exploration. Operations of the agreements are in the region of North west El – Maghara in the Western Desert, East – El – Hamd and East – Gemsa in Gulf of the Suez and offshore in North Damietta in the Mediterranean sea.
The investment package consists of direct investment of $221.23 million and grants of $31.5 non-refundable. These resources will provide the ambitious drilling program of 24 new wells across the target regions.
This is in line with the wider energy policy in Egypt to:
- Maximize the domestic production rates via strategic development.
- Secure sufficient local petroleum supplies.
- Invite foreign investment in the energy field
- Improve Egypt’s position in the regional energy markets
The agreements are coming on the heels of success in the country’s exploration efforts, as three new finds were made in the Western Desert and the Gulf of Suez. 12.5 million barrels of oil equivalent are contained in an estimated oil well in the Western Desert, whereas in the Gulf of Suez, two discoveries are producing 2,660 and 720 barrels of oil per day, respectively.
