Cairo - Perenco North Sinai Petroleum, formerly referred to as “offshore North Sinai” and a subsidiary of Egypt Kuwait Holding, announced the signing of a new agreement with the Ministry of Petroleum and Mineral Resources to reassign the North Sinai Offshore concession. The concession has been reassigned for a 10-year term, extending until 2035, which includes the drilling of three exploratory wells for oil and natural gas in the North Sinai Offshore concession area. The announcement coincided with the visit of H.E. Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, to the company’s onshore and offshore facilities in North Sinai on Saturday, September 20.

During the visit, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that these agreements reflect the growing confidence of international companies in the investment climate of Egypt’s petroleum sector. He highlighted that they underscore the ministry’s success in launching attractive bid rounds and implementing incentive policies that have opened new horizons for exploration, supporting the ministry’s plans to boost production and secure the needs of the local market.

The agreement was signed by Eng. Raafat El Beltagy, CEO and representative of Perenco companies, and Eng. Salah Abdelkarim, CEO of the Egyptian General Petroleum Corporation (EGPC), in the presence of Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, and Mr. Jon Rokk, CEO of Egypt Kuwait Holding, whose subsidiary is Perenco North Sinai.

Under the agreement, the North Sinai offshore area is being reassigned to Perenco North Sinai, creating new opportunities for exploration and reserve development in line with Egypt’s strategy to maximize production rates in the years ahead.

Commenting on the signing, Jon Rokk, CEO of Egypt Kuwait Holding, said: “This agreement is a clear demonstration of Egypt Kuwait Holding’s role as a trusted partner in advancing Egypt’s energy future. By leveraging our strong track record and global partnerships, we are creating new exploration opportunities, transferring know-how, and generating high-value jobs for Egyptian youth.”

He continued: “Our commitment remains to deliver growth that is both sustainable and impactful, ensuring Egypt’s energy sector continues to compete on a world-class level.”

It is worth mentioning that Perenco North Sinai Petroleum has been operating the concession since 2014, achieving a number of significant milestones. The company currently operates six wells across a 443 km² concession area in the Mediterranean, with an additional reserve of 223 BCF as of 31st of December 2024, and average daily production of 53 MMSCFD in 2024. Over the years, more than 12 wells have been drilled, supported by the installation of six platforms and a 43-km flowline connecting new platforms to the main system. Notably, the operation also marked a first in Egypt with the use of a Mobile Offshore Production Unit (MOPU). 

Egypt Kuwait Holding Company (EKH) was established in 1997 and is listed on both the Egyptian and Kuwaiti stock exchanges. Over the past two decades, EKH has grown to become one of the leading and fastest-growing investment entities in the Middle East and North Africa region, with a diversified portfolio spanning five main sectors: oil and gas, fertilizers, petrochemicals, energy and related services, and non-banking financial services. EKH remains committed to delivering superior returns to its shareholders, driven by a strong investment portfolio and an experienced management team, with a strategy that aspires to a future of greater growth and sustainability.