Egypt’s exploration sector has delivered positive results over the past two fiscal years, with 149 exploration wells drilled and 112 new discoveries made, including 88 crude oil and 24 natural gas finds, the government said.

Among the notable discoveries was the Denis offshore gas field in Port Said.

Karim Badawi, Minister of Petroleum and Mineral Resources, said Egypt signed 19 exploration and production agreements during fiscal years (FY) 2024/25 and FY 2025/26.

The agreements include minimum investments of $823.1 million, signature bonuses of $93.5 million and commitments to drill 134 wells.

“Another 13 agreements are currently being prepared for signing, with investments exceeding $1 billion and commitments to drill 120 wells,” he said. -OGN/TradeArabia News Service