The Egyptian government has officially approved five new petroleum concession agreements with international oil and gas companies, securing investments exceeding $221 million, the Cabinet announced on Wednesday.
The deals were inked by the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) in partnership with global energy firms. These agreements aim to accelerate exploration and production activities in vital hydrocarbon regions including the Western Desert, the Gulf of Suez, and offshore areas in the Mediterranean Sea.
According to an official government statement, the contracts involve a minimum investment of around $221.23 million, with upfront non-refundable signature bonuses totaling $31.5 million. They also include plans for drilling at least 24 new wells to enhance Egypt’s oil and gas output.
Key exploration and development zones covered in the agreements are North West El-Maghara in the Western Desert, East Al-Hamd and East Gamsa offshore in the Gulf of Suez, an integrated development area in the Western Desert, and North Damietta offshore in the Mediterranean.
These agreements come as part of Egypt’s ongoing strategy to attract foreign direct investment, increase competitiveness in the energy sector, and consolidate its position as a regional energy hub. The government’s commitment to fostering international partnerships reflects its broader vision to enhance energy security and economic growth in the region.
Egypt’s efforts to open new fields to international players highlight its ambition to leverage its vast hydrocarbon resources, positioning the country as a pivotal energy player on the African continent and beyond.