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Egypt Secures New Oil And Gas Exploration Contracts Worth $340 Million

oil-gas

02 September 2025

Oilfield Technology

oil-gas

Sep 02, 2025

Oilfield Technology

Oilfield Technology

Egypt has entered into four oil and gas exploration agreements with international companies valued at more than $340 million (E£16.52 billion), aiming to bolster domestic production in the face of growing energy demand.

The agreements, disclosed by the Petroleum Ministry on 30 August, encompass offshore blocks in the Mediterranean and Nile Delta.

These contracts include a commitment to drill 10 new wells and were secured by the state-owned Egyptian Natural Gas Holding Company (EGAS).

Shell International has entered into the largest agreement, valued at $120 million (£88.7 million), for exploration in the Mediterranean's Merneith offshore area. The agreement includes plans for three wells.

The second agreement is with Italian energy company Eni, which has pledged $100 million (€85.31 million) for drilling three wells in the East Port Said offshore block.

Russia’s Zarubezhneft signed the third agreement, valued at $14 million (Rbs1.13 billion), which is set to focus on the North Khatatba concession in the Nile Delta, with four wells scheduled to be drilled.

In addition, Arcius Energy, a joint venture between BP and XRG, the investment arm of the United Arab Emirates' ADNOC, has committed to invest $109 million in the North Damietta offshore area.

These investments come at a critical time as Egypt grapples with declining gas field supplies and a surge in electricity consumption, compounded by regional tensions impacting the energy sector.

The Ministry of Petroleum has announced that the contracts are a component of a larger strategy aimed at enhancing exploration efforts, ensuring a stable domestic supply and strengthening Egypt's position as a key energy hub in the region.

Read the article online at: https://www.oilfieldtechnology.com/exploration/02092025/egypt-secures-new-oil-and-gas-exploration-contracts-worth-us340-million/

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Egypt Secures New Oil And Gas Exploration Contracts Worth $340 Million

Egypt Secures New Oil And Gas Exploration Contracts Worth $340 MillionEgypt has entered into four oil and gas exploration agreements with international companies valued at more than $340 million (E£16.52 billion), aiming to bolster domestic production in the face of growing energy demand. The agreements, disclosed by the Petroleum Ministry on 30 August, encompass offshore blocks in the Mediterranean and Nile Delta. These contracts include a commitment to drill 10 new wells and were secured by the state-owned Egyptian Natural Gas Holding Company (EGAS). Shell International has entered into the largest agreement, valued at $120 million (£88.7 million), for exploration in the Mediterranean's Merneith offshore area. The agreement includes plans for three wells. The second agreement is with Italian energy company Eni, which has pledged $100 million (€85.31 million) for drilling three wells in the East Port Said offshore block. Russia’s Zarubezhneft signed the third agreement, valued at $14 million (Rbs1.13 billion), which is set to focus on the North Khatatba concession in the Nile Delta, with four wells scheduled to be drilled. In addition, Arcius Energy, a joint venture between BP and XRG, the investment arm of the United Arab Emirates' ADNOC, has committed to invest $109 million in the North Damietta offshore area. These investments come at a critical time as Egypt grapples with declining gas field supplies and a surge in electricity consumption, compounded by regional tensions impacting the energy sector. The Ministry of Petroleum has announced that the contracts are a component of a larger strategy aimed at enhancing exploration efforts, ensuring a stable domestic supply and strengthening Egypt's position as a key energy hub in the region. Read the article online at: https://www.oilfieldtechnology.com/exploration/02092025/egypt-secures-new-oil-and-gas-exploration-contracts-worth-us340-million/ Embed article link: (copy the HTML code below): This article has been tagged under the following: Upstream news Exploration news Offshore news Oil & gas news

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Egypt Secures New Oil And Gas Exploration Contracts Worth $340 Million

Egypt Secures New Oil And Gas Exploration Contracts Worth $340 Million

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Egypt Signs $340M Natural Gas Exploration Deals

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Texas Greenlights $216 Million Loan For 456 Mw Houston Gas Plant

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Gas Processing and LNG

Petrochina Proposes To Buy Gas Facilities From Cnpc In $5.59-B Deal

Petrochina Proposes To Buy Gas Facilities From Cnpc In $5.59-B Deal

Gas Processing and LNG