La Compagnie Générale Egyptian oil company signed an oil and gas exploration agreement in the amount of 6.5 million dollars with the British company Terra Petroleum, marking the company's official entry into the market Egyptian energetics. The announcement was made through a press release specifying the outlines of the partnership.

The agreement provides for drilling of three wells in the El Moghra concession area, located in northwest of the Western Desert, as well as the carrying out of seismic surveys in two and three dimensions. This work aims to assess the potential of hydrocarbons from this area that is still little exploited.

This partnership is part in the strategy of the Egyptian Ministry of Petroleum and Mineral Resources, which seeks to stimulate exploration and production in order to strengthen the energy security of the country. It follows the signing, last September, of three oil and gas agreements totaling more than 121 million dollars with international companies, aimed at developing new exploration and drilling projects in areas rich in hydrocarbons.

In a published message on the official Facebook page of the Presidency of the Egyptian Cabinet, the Minister of Petroleum and Mineral Resources, Karim Badawi, welcomed the managers of Terra Petroleum, stressing that this initiative “testifies to the confidence of international companies in the investment climate of Egyptian oil sector, taking into account its stability and development continuous”. The ministry added that it is working to provide comprehensive support. to serious businesses and to create an attractive environment that favors the acceleration of exploration and production activities.

This dynamic intervenes in a favorable context, marked by the discovery, in August 2024, of a major oil field in the western desert. Made at the well West Fewebs-1, in the Kalabsha Development Zone, this discovery revealed significant reserves of high-quality oil, likely to significantly increase domestic production.

These advances put highlights Egypt's sustained efforts to fully exploit its energy potential, especially in the Western Desert, a recognized region for its oil and gas prospects. During the same period, the authorities also announced a series of incentives aimed at stimulating exploration, increase production and reduce the gap between supply and domestic demand.

Currently, over 60 international companies operate on 183 exploration and production sites in across the country, covering the Mediterranean, the Nile Delta, deserts western and eastern, as well as Sinai and Upper Egypt, under the supervision of entities affiliated with the Ministry of Petroleum.