Within the Framework of the Ministry of Petroleum and Mineral Resources’ strategy aimed at attracting further investments, accelerating exploration and development activities, as well as maximizing Egypt’s natural gas resources, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, witnessed the signing of a new agreement and a Head of Agreement (HoA) between Egypt’s Petroleum sector and major #IOCs operating in the country. These agreements support efforts to boost domestic production and secure energy supplies.

The Minister witnessed the signing of an agreement for Disouq Onshore Concession in the Nile Delta between the Egyptian Natural Gas Holding Company (Egyptian Natural Gas Holding Company (EGAS) and Harbour Energy .

The agreement provides for the addition of two new blocks to the concession area, with Harbour Energy committing to drill two new #exploration wells and carry out maintenance operations on one of the producing wells under the Disouq-1 Development Lease. The agreement entails initial investments of US$6 million, in addition to a signature bonus of US$1 million.

The Minister also witnessed the signing of an HoA between the Egyptian General Petroleum Corporation (EGPC) and Eni for the renewal of the Port Fouad Offshore Development Area in the Mediterranean Sea and its associated work programme. The Agreement aims to sustain petroleum operations and enhance the area’s attractiveness for new investments.