Abu dhabi: Egypt announced that exploration activity has delivered positive results over the past two fiscal years, with 149 exploration wells drilled, resulting in 112 new discoveries, including 88 crude oil discoveries and 24 natural gas discoveries. Among the notable finds was the Denis offshore gas discovery in Port Said.
According to Emirates News Agency, Karim Badawi, Minister of Petroleum and Mineral Resources, stated that during fiscal years 2024/25 and 2025/26, Egypt signed 19 exploration and production agreements. These agreements involve minimum investments of $823.1 million, signature bonuses of $93.5 million, and commitments to drill 134 wells.
Badawi further mentioned that another 13 agreements are currently being prepared for signing, with investments exceeding $1 billion and commitments to drill 120 wells.