JEDDAH: Egypt has signed three oil and gas agreements worth over $121 million with international firms, boosting its energy sector through new exploration and drilling projects across key hydrocarbon zones.
The move is part of the Ministry of Petroleum and Mineral Resources’ strategy to attract international investment and expand exploration activities in the North African country.
Karim Badawi, minister of petroleum and mineral resources, witnessed the signing of the agreements by the Egyptian General Petroleum Corp. with several leading international firms active in oil and gas exploration and production.
In August 2024, Egypt unveiled a new set of incentives to stimulate exploration and development, increase output, and reduce the gap between domestic supply and demand.
More than 60 international companies currently operate across 183 exploration and production sites in the Mediterranean Sea, Nile Delta, and Western and Eastern Deserts, as well as Sinai and Upper Egypt, under the oversight of companies affiliated with the Ministry of Petroleum.
