Egypt’s state-owned gas company, EGAS, has signed four agreements with leading international energy companies worth a combined $340 million to expand natural gas exploration activities, the Ministry of Petroleum announced Saturday.
The signing ceremony was attended by Minister of Petroleum, Karim Badawi.
The agreements aim to intensify exploration and production efforts across the Mediterranean and Nile Delta regions, while enhancing Egypt’s energy resources. Collectively, the projects will involve the drilling of 10 exploratory wells.
EGAS Managing Director Mahmoud Abdel Hamid signed the agreements on behalf of the company.
Under the deals, Shell will explore the “Marnith Offshore” area in the Mediterranean with an investment of $120 million, including three wells. Eni will explore the “East Port Said Offshore” area with an investment of $100 million and three wells, in partnership with BP and QatarEnergy.
Zarubezhneft will explore the “North Khattabia” area in the Nile Delta with an investment of $14 million and four wells, while Arkus Energy will explore the “North Damietta Offshore” area in the Mediterranean with an estimated investment of $109 million.
The Ministry of Petroleum said the agreements reflect its strategic plan to increase investment in the gas sector and strengthen Egypt’s position as a regional energy hub.