RIYADH: The Egyptian General Petroleum Corp. has signed a $6.5 million oil and gas exploration agreement with UK-based Terra Petroleum, marking the company’s first operations in Egypt.
The agreement aims to drill three wells in the Northwestern El Moghra concession area of the Western Desert, in addition to conducting 2D and 3D seismic surveys, according to a statement.
The deal aligns with Egypt’s Ministry of Petroleum and Mineral Resources’ strategy to boost exploration and production.
It also follows Egypt’s signing of three oil and gas agreements worth more than $121 million with international firms in September, aimed at strengthening the energy sector through new exploration and drilling projects across key hydrocarbon zones
A Facebook post on the official Egyptian Cabinet Presidency page stated: “Following the signing of the agreement, the Minister of Petroleum and Mineral Resources Karim Badawi welcomed the leaders of Terra Petroleum and stressed that this step reflects the confidence of international companies in the investment climate of the Egyptian petroleum sector, given its stability and continuous development.”
