President Sisi Ratifies $2.2b Oil, Gas Exploration Contracts

President Sisi Ratifies $2.2b Oil, Gas Exploration Contracts

Egypt’s President Abdel-Fattah El-Sisi ratified six oil and gas exploration contracts worth a combined $2.2b on Tuesday, the Ministry of Petroleum said in a statement according to Ahram Online.

The first four agreements are between the Egyptian General Petroleum Corporation (EGPC) and Italy’s ENI, with up to $2.1b in investments for exploration and the drilling of eight wells in blocs located in North Port Said and Baltim in the Mediterranean Sea, the Gulf of Suez and the Nile Delta.

These agreements were first signed in March during the economic conference hosted by Egypt’s government in Sharm El-Sheikh.

The fifth deal is between the EGPC and US Apache Corp. in the south of Um Barka in the Western Desert, with $30 million in investments to drill two wells.

The final agreement, worth $9m, is with Tunisia’s HBS  for the drilling of four wells in the Halif region in the Western Desert.


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