The Egyptian General Petroleum Corporation (EGPC) has signed three new exploration agreements worth more than USD 121 million with international companies in onshore and offshore areas, Egypt’s Ministry of Petroleum and Mineral Resources announced on Sunday.
The agreements were signed with Parenco Egypt, Dragon Oil from the UAE and Apache Corporation from the USA, and are part of Egypt’s ongoing effort to boost investments in domestic oil and gas production.
Parenco Egypt was re-awarded the North Sinai offshore area in a three-well deal valued at USD 46 million, plus a USD 1-million signing bonus. Dragon Oil signed for three wells in the East Al Hamd area in the Gulf of Suez region, for a total investment of USD 40.5 million, plus a signing bonus of USD 4.5 million.
The deal with Apache Corporation covers exploration and development in the Western Desert, where five new exploration zones have been added. It will bring investments of approximately USD 35 million towards 14 wells and carries a USD 25 million signing bonus.
Egypt has signed several new exploration agreements in September 2025 as it works to ramp up oil and gas activities to offset production declines due to the depletion of maturing fields and delays in production investment plans.
The Egyptian Natural Gas Holding Company (EGAS) inked four agreements worth USD 340 million with Shell, Eni and Arcius Energy for a total of 10 wells, and a deal with BP for five deepwater gas wells in the Mediterranean Sea.
Source: Theenergyyear.com