Arab Finance: The Ministry of Petroleum and Mineral Resources signed a new oil exploration and production agreement in the East Gemsa offshore area of the Gulf of Suez, with investments exceeding $30 million, as per a statement.

The deal was signed between the Egyptian General Petroleum Corporation (EGPC) and PICO Cheiron Group.

Moreover, a grant worth $1 million was signed for drilling four new wells.

Minister of Petroleum Karim Badawi said the agreement supports the first pillar of the ministry’s work strategy by expanding crude oil exploration to reach new reservoirs and strengthen Egypt’s production capacity, which in turn supports domestic supply and helps reduce the import bill.

He added that the agreement reflects a successful partnership with the Egyptian private sector and encourages further private investment in exploration and production.

He noted the ministry’s commitment to working closely with partners and maintaining an environment that attracts investment, while applying new technologies to maximize the value of available reserves and identify new ones.

He pointed to the Western Desert and the Gulf of Suez as areas with strong potential for new crude oil discoveries.

© 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (Syndigate.info).