Egypt plans 13 oil, gas deals with more than $1 bln investment

Egypt is preparing to sign 13 new oil and gas exploration and production agreements involving more than $1 billion in investment and commitments to drill 120 wells, Egyptian General Petroleum Corporation (EGPC) CEO Salah Abdel Karim said on Wednesday.

The planned agreements follow the signing of 19 exploration and production agreements during the 2024/25 and 2025/26 fiscal years, with minimum investments of $823.1 million, signature bonuses of $93.5 million and commitments to drill 134 wells, Abdel Karim said, according to a Petroleum Ministry statement.

Exploration activity under the agreements signed during the two fiscal years resulted in 149 exploration wells being drilled and 112 discoveries, including 88 crude oil discoveries and 24 natural gas discoveries, he said.

Subediting: Y.Yasser