Egypt’s cabinet has approved four petroleum concession agreements with a combined minimum investment of about US$52.97 million as the country moves to expand exploration and production of oil and gas across key basins, the government said.
The approvals cover exploration and production activities in the Mediterranean Sea, the Nile Delta, North Sinai and the Eastern Desert, reflecting Egypt’s continued push to attract upstream investment and stabilise domestic energy output.
The agreements include a concession between the state, the Egyptian Natural Gas Holding Company (EGAS) and Cheiron Petroleum Corporation for exploration in the East Alexandria Offshore area in the Mediterranean Sea.
Another deal was signed with IPR Energy Group through its South Disouq subsidiary for work in the North Tanta onshore area in the Nile Delta.
A third concession involves Perenco through its North Sinai Petroleum arm for exploration and production in the Al-Fayrouz onshore area.
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The fourth agreement was signed with the state-owned General Petroleum Company (GPC) for development of the Asran field in the Eastern Desert.
Under the terms of the agreements, companies are expected to drill at least six wells across the four concession areas, targeting both crude oil and natural gas reserves.
Officials say the new investments are part of a broader strategy to strengthen Egypt’s energy security, boost domestic production and reduce reliance on imported fuels amid volatile global energy markets.
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The approvals also align with Cairo’s wider economic agenda to position Egypt as a regional energy and logistics hub, leveraging its strategic location along key global shipping routes.
In a separate decision, the cabinet also approved a 15-year concession for GBH Pan Marine to manage and operate the passenger terminal at Alexandria Port, part of efforts to modernise port infrastructure and expand maritime trade capacity.
The government said the port reforms are intended to increase import and export volumes, improve operational efficiency and enhance the competitiveness of Egyptian ports in the Mediterranean region.
Egypt has been actively seeking foreign investment in its oil and gas sector in recent years as it works to reverse declining production in some mature fields and capitalise on new discoveries in offshore Mediterranean basins.
Energy analysts say continued exploration success will be crucial for Egypt as it balances rising domestic demand with its ambition to maintain its role as a regional energy exporter.
