Egypt Signs $121M Oil, Gas Exploration Deals Across Western Desert, Suez Gulf, North Sinai

Egypt has signed three significant oil and gas exploration agreements totaling over $121 million with international companies to boost its energy sector. The deals include a $46 million investment with Berenco Egypt (a subsidiary of Egypt Kuwait Holding) to drill three wells in the North Sinai offshore area, a $40.5 million agreement with UAE-based Dragon Oil to drill three wells in the Gulf of Suez's East El-Hamd region, and a $35 million contract with US-based Apache Corporation to explore five new areas and drill 14 wells in the Western Desert. These agreements feature additional signature bonuses and reflect growing international confidence in Egypt's energy sector, supporting the government's strategy to expand hydrocarbon exploration and ensure energy security. The Ministry of Petroleum and Mineral Resources emphasized that these partnerships are vital for increasing production and strengthening Egypt's resource base. Overall, these investments demonstrate Egypt's commitment to attracting foreign investment and enhancing its oil and gas development capabilities.