Egypt has awarded four agreements worth more than USD 340 million with international firms to explore for oil and gas in the Mediterranean and Nile Delta, Reuters reported on Saturday.
Signed by state-owned Egyptian Natural Gas Holding Company (EGAS), the deals call for the drilling of 10 wells in onshore and offshore areas as part of efforts to ramp up upstream activity. Egypt has been facing output declines due to field depletion and delays in production investment plans.
Under two of the offshore agreements, Shell will invest USD 120 million to drill three wells in the Merneith offshore area in the Mediterranean, and Eni has committed USD 100 million to drilling three wells in the East Port Said block.
A third offshore agreement established Arcius Energy, a joint venture between BP (51%) and ADNOC’s investment arm XRG (49%), as the operator in the North Damietta area, in a contract valued at USD 109 million.
Onshore, Russian state-owned E&P company Zarubezhneft signed a USD 14-million agreement to drill four wells in the North El Khatatba block in the Nile Delta.
In June 2025, EGAS awarded several onshore and offshore exploration concessions to international companies, including Chevron, Shell subsidiary BG International, US-based Apache Corporation and IPR Energy Group, and UK-headquartered independent Pharos Energy.
Source: Theenergyyear.com