Egypt signs $221 million oil deals with international firms
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Roshan Amiri
- . May 16, 2025
- . Update: May 16, 2025 5:04 pm
Egypt’s oil and gas industry is on a growth trajectory after the government approved $221 million in deals involving international firms. These agreements create exploration and production area contracts in important deployment areas, the Western Desert, the Gulf of Suez, and the Mediterranean.
The approval was made via decision at a Cabinet meeting chaired by Prime Minister Mostafa Madbouly. The five contracts have state-owned firms of Egypt, the Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company, joined with oil companies from abroad.
Deal Highlight
- Five petroleum agreements were approved for oil and gas exploration.
- Areas for the exploration include:
- Northwest Al Maghrah (Western Desert)
- East El Hamad & East Gemsa Marine (Gulf of Suez)
- Integrated R&D Area (Western Desert)
- North Damietta Marine (Mediterranean Sea)
- International companies are committing to at least 24 wells.
The amendment is as follows: a $31.5 million non-refundable bonus applies under the agreement.
Last month, Egypt’s oil and gas sector welcomed news of two further approvals concerning the two contracts with Russian company Lukoil for exploration of new blocks in the Eastern Desert. Over the last couple of years, Egypt’s oil and gas sector has been rapidly growing with predictions of an annual growth increase of 4.37% until 2033, as the country aims to become one of the major energy hubs in the region.
