President Abdel Fattah El-Sisi has ratified two laws authorizing new petroleum exploration and production agreements in North Sinai offshore and the Gulf of Suez, as published by the Official Gazette and reported by Al-Ahram. 

The first agreement, under Law No. 81 of 2025, authorizes the Minister of Petroleum and Mineral Resources, Karim Badawi, to contract with the Egyptian General Petroleum Corporation (EGPC), Perenco North Sinai Petroleum Inc., Perenco North Sinai Oil Limited, Perenco North Sinai Gas Limited, and Perenco Resources Egypt Limited to explore, develop, and produce oil in the North Sinai offshore development area.

Separately, Law No. 163 of 2025 empowers the Ministry of Petroleum and Mineral Resources (MoPMR) to contract with EGPC and Dragon Oil for petroleum exploration and exploitation in the East El-Hamd area of the Gulf of Suez.

Notably, Perenco North Sinai Petroleum, a subsidiary of Egypt Kuwait Holding (EKH), was formerly referred to as Offshore North Sinai and has been operating the concession since 2014. The company signed a ten‑year agreement in 2025 to extend its concession rights in the North Sinai Offshore area.

Meanwhile, Dragon Oil, a subsidiary of Emirates National Oil Company (ENOC), has an established presence in Egypt’s upstream sector, primarily focused on exploration and production activities in the Gulf of Suez.