Egypt inks 2 agreements to expand natural gas exploration, production activities
Updated 11/5/2025 1:08:00 PM
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of two agreements for applying seismic survey and developing the Egypt Upstream Gateway (EUG) activities, according to a statement.
During the ADIPEC 2025 Conference and Exhibition in Abu Dhabi, the Egyptian Natural Gas Holding Company (EGAS) and the SLB–Viridien alliance signed the first agreement to maximize the utilization of gas resources in the Eastern Mediterranean. This is in addition to boosting investment opportunities in gas exploration and production activities in Egypt.
Badawi highlighted that the project will provide accurate data, utilizing the Ocean Bottom Nodes (OBN) technology, to reduce risks, thus enabling attractive investment opportunities for international companies to expand their operations in Egypt.
This partnership will intensify well-drilling activities and boost increased domestic production.
Spanning an area of 18,000 square kilometers, the project will be implemented in three phases, with the first phase commencing in 2026.
Moreover, the minister witnessed the signing of the EUG’s three-year contract extension between Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), and Sherif Bayoumi, Managing Director of SBL.
The new phase covers $44 million in additional investments to further enhance the platform.
Since its launch in 2021, the EUG has contributed to attracting new investments to Egypt in oil and gas exploration and production, with a minimum of $1.2 billion invested across 52 blocks and the drilling of nearly 130 wells.
The gateway includes approximately 50 international and local companies that participate in and leverage the investment support and facilitation services offered by EUG.
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