EGPC signs 3 oil exploration agreements with upstream IOCs
Updated 9/15/2025 8:25:00 AM
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of three new petroleum agreements between the Egyptian General Petroleum Corporation (EGPC) and several major international oil companies (IOCs), according to a statement.
The deals fall within the ministry's strategy to increase investments and attract international partners for oil and gas exploration in Egypt.
The first agreement aims at re-awarding the North Sinai Offshore area to Brinco Egypt companies, with investments totaling $46 million for drilling three wells, and a signing bonus of $1 million.
It was signed by Salah Abdelkarim, CEO of EGPC, and Raafat Elbeltagy, General Manager and representative of Parinco companies.
The second contract was awarded for the East Al Hamd area to the UAE's Dragon Oil. It is valued at $40.5 million for drilling three wells, with a signing bonus of $4.5 million.
Abdelkarim and Tayeb Hweir, Dragon Oil's Executive Director of Operations, signed the second deal.
Finally, the third agreement with Apache Corporation covered an integrated exploration and development area in the Western Desert.
It includes the addition of five new exploration zones, with investments of nearly $35 million. This is besides the drilling of 14 wells and $25 million signing bonus.
The CEO of EGPC and Greg McDaniel, Senior Vice President of International Assets and General Manager of Apache in Egypt, penned the deal.
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