The first agreement reassigns the North Sinai Offshore area
to Perenco Egypt. It includes USD 46 million in investments to drill three
wells and a USD 1 million signature bonus. The deal was signed by EGPC CEO
Salah Abdel Karim and Raafat El Beltagy, General Manager of Perenco Egypt. Jon
Rokk, CEO of Egypt Kuwait Holding, the parent company of Perenco Egypt, also
attended the signing.
The second agreement covers the East Hammad area, awarded to
UAE-based Dragon Oil following an EGPC bid round. It involves USD 40.5 million
in investments to drill three wells and a USD 4.5 million signature bonus. The
agreement was signed by Salah Abdel Karim and Tayeb Huwair, Executive Director
of Operations at Dragon Oil. The ceremony was also attended by Abdulkarim Al
Maazmi, Chairman of Dragon Oil.
The third agreement was signed with Apache Corporation for
the merged exploration and development area in the Western Desert. It adds five
new blocks with investments of USD 35 million. The deal includes the drilling
of 14 wells and a USD 25 million signature bonus. It was signed by Salah Abdel
Karim and Greg McDaniel, Senior Vice President of International Assets and
General Manager of Apache in Egypt.
After the ceremony, Minister Karim Badawi said the
agreements reflect growing confidence from international companies in Egypt’s
petroleum sector. He added that the ministry’s successful bid rounds and
incentive policies have opened new opportunities for exploration. These
agreements, he noted, support plans to increase production and secure the needs
of the local market.