Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, attended the signing of three new petroleum agreements between the Egyptian General Petroleum Corporation (EGPC) and a group of leading international companies in the oil and gas sector.
The first agreement involves the reassignment of the North Sinai Offshore area to Prenco Egypt. The company is set to invest $46 million in drilling three wells, in addition to paying a $1 million signature bonus.
The second agreement covers the East Al-Hamad area, which was awarded to the UAE’s Dragon Oil following its successful bid in an EGPC tender. The deal includes investments of $40.5 million for three new wells, along with a $4.5 million signature bonus.
The third agreement was signed with Apache Corporation for a merged exploration and development area in Egypt’s Western Desert. The agreement adds five new exploration blocks and entails $35 million in investments to drill 14 wells, together with a $25 million signature bonus.
Minister Badawi explained that these agreements are part of the ministry’s broader strategy to attract international partners, expand exploration, and increase investments in Egypt’s energy sector. He highlighted that the confidence of global companies reflects Egypt’s success in creating an attractive investment climate through competitive tenders and incentive policies.
He added that the new deals will support the country’s efforts to raise oil and gas production, meet local market needs, and open new horizons for growth in the petroleum industry.
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