Egypt has signed three new oil and gas exploration agreements valued at more than $121 million with international firms, marking another step in the country’s bid to boost its energy sector and attract foreign investment.
According to Egypt’s Ministry of Petroleum and Mineral Resources, the deals cover exploration and production activities in both the Mediterranean and the Western Desert. They include commitments for drilling, seismic surveys, and infrastructure development aimed at enhancing the nation’s hydrocarbon output.
Officials said the agreements underscore Egypt’s strategic position as a regional energy hub, while also highlighting the continued confidence of global companies in its oil and gas market.
The North African nation has made major strides in energy development in recent years, with projects such as the Zohr gas field transforming it into a key player in the Eastern Mediterranean’s energy landscape.
Analysts suggest the new contracts not only bring in capital and technology but also strengthen Egypt’s long-term goal of energy self-sufficiency and export expansion.
