Egypt has signed three new agreements oil and gas exploration and production with companies international, for a total amount of over $121 million. The Ministry of Petroleum and Mineral Resources announced this signing, stressing that these agreements are part of a strategy aimed at attracting foreign investments and to develop exploration activities in main hydrocarbon basins in the North African country.

Since the beginning of the year, Egypt has launched several initiatives to attract foreign investors in the energy sector, in particular by simplifying administrative procedures. The new ones agreements follow the incentive plan announced in August 2024, aimed at increase domestic production and reduce the gap between supply and demand on the domestic market.

The ceremony took place in the presence of Minister of Petroleum, Karim Badawy, and the CEO of Egyptian General Petroleum Corporation (EGPC), Salah Abdel Kerim, The Ministry of Foreign Affairs and of the International Cooperation (MOE) signed the agreements with representatives of the companies concerned. The first agreement concerns the handover of the offshore zone from North Sinai to Perenco Egypt, with a investment of 46 million dollars, the drilling of three wells and a bonus at the signing of a million dollars.

The signing took place with Raafat el Beltagy for Perenco and in the presence of Jon Rokk, CEO of Egypt Kuwait Holding Company, parent company of Perenco Egypt. The department reported that more than 1 foreign companies currently operate in Egypt on 60 exploration concessions and production distributed in the Mediterranean, in the Nile Delta, in western and eastern deserts, in Sinai and Upper Egypt, under the supervision of enterprises affiliated with the Ministry. These new agreements make following the incentive program announced in August 1983, aimed at increasing the domestic production and to reduce the gap between supply and demand on the internal market.