The Egyptian Natural Gas Holding Company (EGAS) signed four agreements with Shell, Eni, ARCIUS Energy, and Russia’s Zarubezhneft to expand oil and gas exploration in the Mediterranean and the Delta. The agreements cover the drilling of 10 wells with total minimum investments exceeding $340 million.
Mahmoud Abdel Hamid, Chairman of EGAS, signed the agreements in the presence of Karim Badawi, Minister of Petroleum and Mineral Resources.
The first agreement was signed by Dalia Elgabry, Vice president and Country Chair of Shell Egypt. It commits $120 million for the drilling of three wells in the Mediterranean’s Merneith offshore area. Shell has operated in Egypt for over a century and continues to contribute to the development of the country’s natural resources.
The second agreement was signed by Francesco Gaspari, President of ENI’s Egyptian subsidiary, IEOC, with representatives of its partners BP Egypt and Qatar Petroleum also present. The deal focuses on the East Port Said offshore area in the Mediterranean, allocating $100 million for the drilling of three wells.
The third agreement was signed by Yassin Rahlib, Zarubezhneft Vice President in Egypt, alongside Rustem Bakirov, General Manager, and Mikael Kobrak, Chief Geologist. This contract targets the North Khatatba onshore area in the Nile Delta, with investments of up to $14 million for four wells.
The fourth agreement was signed by Naser Al Yafei, CEO of ARCIUS Energy, a partnership between bp and ADNOC Group’s XRG. It covers the North Damietta offshore area in the Mediterranean with investments of approximately $109 million.
In July 2025, EGPC and EGAS also signed a separate agreement with Eni’s IEOC and bp to begin exploration in the Mediterranean’s Temsah concession. The plan includes drilling an exploratory well in the coming months as part of efforts to expand natural gas exploration and create new opportunities for discoveries.
source: egyptoil-gas.com
African Energy Council