Minister of Petroleum and Mineral Resources, Karim Badawi, witnessed the signing of three new petroleum agreements between the Egyptian General Petroleum Corporation (EGPC) and a number of leading international companies operating in oil and gas exploration, production, and development.

According to the ministry, the first agreement reassigns the North Sinai Offshore area to Prenco Egypt, with planned investments of $46 million for drilling three wells, along with a $1 million signature bonus.

The second agreement covers East Al-Hamad, awarded to Dragon Oil of the UAE following its successful bid in an EGPC tender.

The deal involves investments of $40.5 million to drill three wells, plus a $4.5 million signature bonus.

The third agreement was signed with Apache Corporation, concerning the merged exploration and development area in the Western Desert, which now includes five additional exploration blocks.

The agreement entails investments of $35 million to drill 14 wells, along with a $25 million signature bonus.

The Minister explained that the agreements are part of the ministry’s strategy to boost investments and attract global partners to explore for oil and gas in Egypt.

Badawi affirmed that these agreements reflect the growing confidence of international companies in Egypt’s petroleum investment climate.

He emphasized that the ministry’s success in launching attractive tenders and implementing incentive policies has opened new horizons for exploration and development, supporting Egypt’s plans to increase production and secure local market needs.