The partner will invest $10 million, drill four development wells, and pay a $3 million signature bonus.
The project, which involves an investment of $7 billion, will be developed in collaboration with Saudi Arabia’s Al-Qahtani Group.
This initiative aims to reduce carbon emissions from the energy sector and support the transition to a low-carbon economy.
These agreements mark the beginning of the development of Cyprus’s natural gas discoveries, utilizing Egypt’s well-established infrastructure.
This was in the presence of Egyptian President Abdel Fattah El-Sisi on the sidelines of the Egypt International Energy Conference (EGYPES 2025).
