Egypt Signs 4 MoUs to Boost Oil, Gas Exploration &Production: Petroleum Minister

The Ministry of Petroleum and Mineral Resources, through the Egyptian General Petroleum Corporation, has signed four new Memoranda of Understanding (MoUs) to explore opportunities for oil and natural gas exploration, production, and field development.

These agreements were made with a coalition that includes Hassan Allam Holding - Infinity Capital Investment, Ezz Steel, El Sewedy Industrial Group EIG, and Advanced Petroleum Services Group.

Minister of Petroleum, Karim Badawi, stated that these MoUs are designed to attract investments through the Egypt Exploration and Production Gateway, promoting available opportunities in the sector.

The initiative is part of broader efforts by the Ministry to encourage Egyptian investors to enhance production from mature fields located in the Eastern and Western Deserts, as well as the Gulf of Suez, to increase output and meet the growing local demand.

The agreements also explore the possibility of involving the partner companies in available investment projects, particularly in the development of aging fields.

Badawi stressed the importance of collaboration with the private sector to strengthen domestic oil and gas production, noting that advanced technologies in exploration and development present a major opportunity for significantly boosting production levels.