Egypt approves four oil and gas exploration agreements worth $53mn

The Egyptian cabinet approved four oil and natural gas exploration agreements with combined minimum investments of $52.97mn, committing to drilling six new wells, Al Akhbar reported. The agreements were approved during the cabinet’s weekly meeting on June 4.

The agreements cover four separate concession areas across the country. The first involves a concession for gas and crude oil exploration and production in the East Alexandria offshore area in the Mediterranean, between the state gas holding company EGAS and Cairn Egypt Delta.

The cabinet also approved a concession agreement for gas and crude oil exploration and production in the North Tanta onshore area in the Nile Delta, between EGAS and APR South Desouq.

A third agreement covers gas and crude oil exploration and production in the Firuz onshore area in North Sinai, between EGAS and Prenco North Sinai Petroleum. The fourth agreement involves petroleum exploration, development, and production in the Asran Field Development area in North Amer in the Eastern Desert, with the Egyptian General Petroleum Corporation (EGPC).

According to Daily News Egypt, the country’s 2026 energy roadmap aims to reverse production declines by drilling over 100 new exploratory wells across major concession areas like the Western Desert, the Gulf of Suez, and the Red Sea. The investments will be backed by new financial incentive packages and consistent monthly payments to international partners. The government aims to increase crude output by 27% to roughly 660,000 barrels per day by the end of 2026.