Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, witnessed the signing of four new agreements by the (Egyptian Natural Gas Holding Company (EGAS) with leading international companies for gas and oil exploration in the Mediterranean Sea and the Nile Delta.
The agreements include a minimum total investment exceeding USD 340 million and the drilling of 10 wells, within the framework of the Ministry’s first strategic pillar focused on intensifying exploration activities and increasing production.
The agreements were signed on behalf of EGAS by Eng. Mahmoud Abdel Hamid, Executive Managing Director of the company.
- The first agreement covers the Mernith Offshore area in the Mediterranean Sea with Shell International, with investments amounting to USD 120 million and the drilling of 3 wells. It was signed on behalf of Shell by Ms.Dalia ElGabry, Shell Egypt’s Country chair.
- The second agreement covers the East Port Said Offshore area in the Mediterranean Sea with Eni of Italy, with investments of USD 100 million and the drilling of 3 wells. It was signed by Mr. Francesco Gasparri, General Manager of Eni in Egypt, in the presence of Mr. Wael Shaheen, Vice President of BP Egypt, and Mr. Ali Abdullah Al-Manea , Director of Exploration and Production at Qatar Energy, representing BP and QatarEnergy as Eni’s partners in the area.
- The third agreement concerns the North Khatatba Onshore area in the Nile Delta with Zarubezhneft of Russia, with investments reaching USD 14 million and the drilling of 4 wells. It was signed by Mr. Yassine Rahlib, Vice President of Zarubezhneft in Egypt, in the presence of Mr. Rustem Bakirov, General Manager, and Mr. Mikhail Kubrak ,Exploration Manager
- The fourth agreement covers the North Damietta Offshore area in the Mediterranean Sea with Arcius Energy International, with investments of around USD 109 million. It was signed by Mr. Nasser Al-Yafei, Chairman of the company, which represents a partnership between BP and XRG, a subsidiary of ADNOC.
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These agreements reaffirm the Ministry’s commitment to driving investments in the gas sector, accelerating exploration activities, and supporting the growth of gas resources and increased production.
