Egypt has inked four new agreements with international energy firms worth more than $340 million to explore for oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry announced on Saturday.
The contracts, signed through the state-owned Egyptian Natural Gas Holding Company (EGAS), include plans to drill 10 wells as part of efforts to boost exploration and reverse declining production.
Once a regional gas exporter, Egypt has become increasingly reliant on imports as output from ageing fields falls and investment in new projects lags. Official data shows gas production in May at 3,545 million cubic metres, down more than 40% from March 2021, according to the Joint Organisations Data Initiative (JODI).
The deals include:
- Shell: $120 million to drill three wells in the Mediterranean’s Merneith offshore area.
- Eni: $100 million for three wells in the East Port Said offshore block.
- Arcius Energy (a BP–ADNOC venture): $109 million to explore the North Damietta offshore area.
- Zarubezhneft (Russia): $14 million to drill four wells in the onshore North El-Khatatba block in the Nile Delta.
The ministry said the agreements reflect Egypt’s commitment to attracting investment, supporting energy security, and revitalising its hydrocarbon sector.
