EGPC signs three new oil and gas exploration agreements in Egypt

Core Insights - The Egyptian General Petroleum Corporation (EGPC) has signed three new agreements with international companies for oil and gas exploration in various regions of Egypt, including the Western Desert, Gulf of Suez, and North Sinai [1][2][3] Group 1: Agreements and Investments - Berenco Egypt will explore the Offshore North Sinai area, planning to drill three wells with an investment of $46 million (E£2.22 billion) and a $1 million signature bonus [2] - Apache will focus on the Western Desert, exploring five blocks and planning to drill 14 wells, requiring an investment of $35 million and a $25 million signature bonus [3] - Dragon Oil will drill three wells at East El-Hamd in the Gulf of Suez, with financial commitments of $40.5 million (Dh148.74 million) and a signature bonus of $4.5 million [3] Group 2: Strategic Importance and Goals - The agreements reflect the growing confidence of international companies in Egypt's energy sector, as stated by Egypt's Minister of Petroleum and Mineral Resources Karim Badawi [2] - Dragon Oil's acting CEO emphasized the company's commitment to strengthening its presence in Egypt and supporting EGPC's efforts in the Gulf of Suez region [4] - EGPC has partnered with Norway-based DNV to establish science-based targets for its net-zero strategy, contributing to Egypt Vision 2030 and aligning with the Paris Climate Agreement [5]