Monday, 25 May 2026
Egypt signs three major oil and gas exploration deals
Egypt’s Ministry of Petroleum and Mineral Resources has announced the signing of three significant new agreements with leading international energy companies to explore and develop oil and gas resources in the Western Desert, the Gulf of Suez, and North Sinai. Altogether, these deals represent more than $121 million in investment, reflecting Egypt’s ongoing commitment to expanding its energy sector and attracting global partners.
The first agreement grants Brenco Egypt the rights to explore in the North Sinai Offshore area. Under this deal, Brenco Egypt will invest $46 million to drill three wells, and will pay a $1 million signing bonus to the Egyptian General Petroleum Corporation.
The second agreement is with UAE-based company Dragon Oil. After winning a competitive bid, Dragon Oil will begin work in the East Al-Hamad area. The company plans to invest $40.5 million in drilling three new wells and will provide a $4.5 million signing bonus.
The third agreement was signed with the global energy firm Apache. This deal focuses on integrated exploration and development in Egypt’s Western Desert, and includes five new exploration areas. Apache has committed to invest $35 million to drill fourteen new wells, as well as pay a $25 million signing bonus.
Egypt’s Minister of Petroleum, Karim Badawi, attended the signing ceremony and emphasized that these agreements reflect growing international confidence in Egypt’s investment climate. He stated that the success of Egypt’s latest licensing rounds and pro-investor policies are opening new opportunities for exploration and expansion. According to the Minister, these partnerships will boost domestic production, secure the energy needs of Egypt’s growing population, and support the nation’s broader development goals.
The Ministry highlighted that these investments are expected to create new jobs, contribute to the stability of the local energy market, and reinforce Egypt’s position as a leading energy hub in the region.