TotalEnergies eyes gas exploration in Egypt’s Herodotus basin

French energy major TotalEnergies (EPA:TTE) has expressed interest in exploring natural gas resources in Egypt’s Herodotus Basin in the deep waters of the western Mediterranean, according to a statement from the Ministry of Petroleum, cited by Economy Plus on April 15.

The interest was discussed during a meeting between Petroleum Minister Karim Badawi and a delegation from the French energy major, focusing on investment opportunities in deepwater areas west of the Mediterranean.

Company representatives noted the basin’s strong exploration potential, explaining that successful developments could significantly boost Egypt’s natural gas production. The area is considered one of the most promising frontier regions for new discoveries.

Badawi said expanding exploration activities and offering new opportunities to international companies are key pillars of the ministry’s strategy to increase gas output and meet five-year production targets.

He added that recent seismic survey projects in new regions have helped unlock attractive investment prospects, particularly in underexplored regions. 

The ministry is also introducing new incentive frameworks to improve the competitiveness of exploration in frontier areas, such as the western Mediterranean, the Red Sea, and the southern Western Desert. The meeting concluded with an agreement to proceed with the near-term signing of a framework cooperation agreement between the Egyptian Natural Gas Holding Company (EGAS) and TotalEnergies.

TotalEnergies is investing in a major green hydrogen and ammonia plant in the Suez Canal Economic Zone (SCZone), aiming for an initial production capacity of 300,000 tonnes per year.