Egyptian Oil Giant EGPC Unleashes $121M Investment Spree Across Three Major Exploration Deals
The Egyptian General Petroleum Corporation (EGPC) has struck three significant exploration agreements worth over $121 million with international companies, marking a major expansion of oil and gas exploration activities across Egypt’s most promising regions. The deals span the Western Desert, Gulf of Suez, and North Sinai regions, signaling renewed confidence in Egypt’s energy potential.
The largest agreement involves French independent Perenco Egypt, which will invest $46 million plus a $1 million signature bonus to drill three wells in the Offshore North Sinai area. UAE’s Dragon Oil follows with a $40.5 million investment and $4.5 million signature bonus for three wells in the East El-Hamd area of the Gulf of Suez. US energy giant Apache completes the trio with a $35 million investment and substantial $25 million signature bonus to add five new blocks involving 14 wells in the Western Desert.
These agreements reflect growing international confidence in Egypt’s energy sector, with Minister of Petroleum and Mineral Resources Karim Badawi noting the deals demonstrate the country’s attractiveness to global energy investors. The investment wave comes as Egypt continues to position itself as a regional energy hub.
Source: egyptoil-gas.com
