Egypt signs $18 mln gas deal with Harbour Energy, renews Eni framework
Egypt has signed an $18 million gas exploration agreement with Harbour Energy to expand drilling activity in the Nile Delta, the petroleum ministry said on Wednesday.
The deal includes a $6 million initial investment and a $1 million signature bonus, with total spending expected to reach $18 million if additional exploration work is triggered, according to the ministry.
Under the agreement, Harbour Energy will add two new blocks to its Desouq concession area and drill two exploration wells, alongside maintenance work on a producing well.
The company previously drilled the EZZ-1 and EZZ-2 wells, which added an estimated 35 billion cubic feet of gas reserves, and plans further exploration drilling in fiscal year 2026/27.
In a separate development, the Egyptian General Petroleum Corporation (EGPC) and Eni signed a memorandum of principles to renew development activity in the offshore Port Fouad area in the Mediterranean Sea.
The ministry said the Eni agreement aims to support new exploration activity, develop existing discoveries, and maintain production infrastructure.
The agreements are part of Egypt’s broader strategy to expand partnerships with international energy companies and increase domestic natural gas output through enhanced exploration and development activities.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser