Egypt, TotalEnergies sign West Mediterranean gas exploration MoU

Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) signed a memorandum of understanding with France’s TotalEnergies on Wednesday to cooperate on natural gas exploration across a large area of the western Mediterranean. Prime Minister Moustafa Madbouly and Petroleum Minister Karim Badawi witnessed the signing ceremony.

The agreement sets a framework for technical cooperation, including preliminary gas exploration studies and subsea assessments aimed at paving the way for exploration activities while reducing investment risks, Badawi said.

Madbouly said the government continues to support investment in oil and gas exploration through incentives and facilitations offered to international partners to help boost discoveries, develop existing fields, increase domestic production, and reduce the energy import bill.

He added that meetings with international oil company executives during the Egypt Energy Show reflected confidence in Egypt’s investment environment and willingness to expand investments in the petroleum and gas sector.

Badawi said the agreement followed high-level discussions with Patrick Pouyanné during his visit to Cairo for the Egypt Energy Show (EGYPES) earlier this year regarding the company’s return to natural gas exploration in Egypt through the western Mediterranean and the sector’s investment opportunities and reforms.

He added that the Mediterranean remains a priority for expanding gas exploration due to its promising potential, alongside Egypt’s strong infrastructure and technical expertise.

Attribution: Amwal Al Ghad English