Egypt signs four exploration deals with Shell, Eni, Zarubezhneft, and ARCIUS, investing $340M in Mediterranean and Nile Delta oil, gas projects.
As part of its ongoing efforts to expand energy exploration and boost hydrocarbon production, Egypt has finalized four new agreements for oil and gas exploration in the Mediterranean and Nile Delta regions. The deals, valued at over $340 million, were signed by the Egyptian Natural Gas Holding Company (EGAS) with major international energy firms including Shell, Italy’s Eni, Russia’s state-owned Zarubezhneft, and ARCIUS Energy, a joint venture involving bp and ADNOC’s XRG. Collectively, the agreements cover the drilling of 10 exploration wells in promising offshore and onshore areas.
The formal signing ceremony was attended by Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, alongside Mahmoud Abdel Hamid, Chairman of EGAS. The first agreement involves Royal Dutch Shell, represented by Dalia Elgabry, Vice President and Country Chair of Shell Egypt. Shell committed $120 million in investments for the Merneith offshore block in the Mediterranean Sea, with plans to drill three wells. Shell has maintained a longstanding partnership with Egypt for more than 110 years, supporting the country in unlocking its natural resource potential.
The second agreement was signed with Eni’s Egyptian subsidiary, the International Egyptian Oil Company (IEOC). Francesco Gaspari, IEOC’s President, formalized the deal in the presence of Wail Shaheen, Vice President of bp Egypt, and Ali Almana, Manager of International Upstream and Exploration at Qatar Petroleum, both of whom are partners in the concession. This exploration contract focuses on the East Port Said offshore area, requiring investments of around $100 million and the drilling of three wells.
The third agreement was concluded with Zarubezhneft, Russia’s state-owned energy company. Yassin Rahlib, Vice President of Zarubezhneft in Egypt, signed the deal alongside company executives Rustem Bakirov, General Manager, and Mikael Kobrak, Chief Geologist. This project targets the North Khatatba onshore block in the Nile Delta, with an investment of $14 million allocated for four exploratory wells.
The fourth deal was signed with ARCIUS Energy, represented by CEO Naser Al Yafei. ARCIUS is a partnership combining the expertise of bp and ADNOC Group’s XRG. The company has committed nearly $109 million to explore the North Damietta offshore area in the Mediterranean Sea.
In addition to these agreements, Egypt continues to push forward with its exploration strategy. At the end of July 2025, the Egyptian General Petroleum Corporation (EGPC) and EGAS entered into a new deal with Eni and bp to explore the Mediterranean’s Temsah concession. This partnership will include drilling an exploratory well in the coming months, reinforcing Egypt’s long-term plan to increase natural gas discoveries and strengthen energy security.
Through these collaborations, Egypt reaffirms its position as a regional energy hub and highlights its commitment to attracting global investments to its petroleum sector.
