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Arab News
15-05-2025
- Business
- Arab News
Egypt approves $221m of oil exploration deals with foreign firms
RIYADH: Egypt has approved $221 million worth of deals with foreign firms for oil exploration and exploitation in the Western Desert and Gulf of Suez. A statement issued following a meeting of the the country's Cabinet, chaired by Prime Minister Mostafa Madbouly, said ministers had signed off on five draft petroleum commitment agreements. The deals involve the Egyptian General Petroleum Corp., the Egyptian Natural Gas Holding Co., and a group of international oil companies. Egypt's oil and gas sector is rapidly expanding through exploration and global deals, reinforcing its role as a regional energy hub. This aligns with projections from Imarc Group, which forecasts a 4.37 percent annual growth rate for the sector from 2025 to 2033. The cabinet release stated: 'These agreements cover oil exploration and exploitation in the Northwest Al Maghrah area in the Western Desert, East El Hamad in the Gulf of Suez, East Gemsa Marine in the Gulf of Suez, and the Integrated Research and Development Area in the Western Desert.' It added: 'They also cover exploration and exploitation of gas and crude oil in the North Damietta Marine area in the Mediterranean Sea.' The contracts include a non-refundable signature bonus of $31.5 million and require the drilling of at least 24 wells, the cabinet said. Last month, the cabinet approved two deals allowing the Ministry of Petroleum to sign contracts with foreign firms. One permits South Valley Egyptian Petroleum and Lukoil to operate in South Wadi El-Sahl in the Eastern Desert, while the other authorizes the Egyptian General Petroleum Corporation and Lukoil to explore the adjacent Wadi El-Sahl area. Egypt holds a key position in global energy markets through the Suez Canal and Suez-Mediterranean pipeline. Since its 2015 expansion, the Suez Canal has served as a vital route for oil and liquefied natural gas shipments from North Africa and the Mediterranean to Asia. Revenue from these transit points makes up a significant portion of the government's income. In April, officials reported that Suez Canal revenue fell by nearly two-thirds over the past year, citing regional tensions and Middle East conflicts as major factors disrupting traffic. The canal remains a critical source of foreign currency, handling around 10 percent of global trade in recent years.
Zawya
15-05-2025
- Business
- Zawya
Egyptian Cabinet greenlights 5 petroleum projects worth $221.2mln
Arab Finance: The Egyptian Cabinet has approved petroleum commitment agreements for five projects, signed between the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international companies, as per a statement. The agreements include a minimum investment of nearly $221.23 million, non-refundable grants of $31.5 million, in addition to drilling at least 24 wells. The deals were inked for exploration and exploitation of oil in the Northwest El-Maghara area in the Western Desert, East Al Hamd in the Gulf of Suez, and East Gemsa in the Gulf of Suez. They also cover the natural gas and crude oil exploration in the offshore North Damietta Marine area in the Mediterranean Sea. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
14-05-2025
- Business
- Zawya
Egypt unveils 3 oil, natural gas discoveries in Western Desert, Gulf of Suez
Arab Finance: Khalda Petroleum Co (KPC), Balaeim Petroleum Co (PETROBEL), and Gulf of Suez Petroleum Co (GUPCO) achieved three new oil and natural gas discoveries in their concessions in the Western Desert and the Gulf of Suez, according to a statement. On May 11 th, KPC unveiled a new discovery at South NUT-1 in the Western Desert, with electric logging confirming natural gas indications in the Safa sandstone layer within the paleozoic formation. The estimated reserves before drilling stood at nearly 12.5 million barrels of oil equivalent. Meanwhile, the pressure measurements are underway, and the well is set to be tested and evaluated soon. With an investment of around $10 million, a development plan will be implemented, including the installation of a 10-inch, 23-kilometer production pipeline. Furthermore, the company plans to drill several wells to enhance its natural gas production, with an expected daily production capacity of 30 million cubic feet of gas. On May 8 th, PETROBEL unveiled a new discovery by testing and evaluating the West Ferran-2 appraisal well in the Gulf of Suez, perforating 27 meters in the Asl sandstone. The recovery rate reached 2,660 barrels of oil per day, while the added reserves from the well are being assessed. On May 1 st, GUPCO achieved a new discovery by testing and evaluating the GS327-A15 exploratory well, perforating 38 feet in the Kareem sandstone. The recovery was 720 barrels of oil per day, and the added reserves are being evaluated. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
