Egypt makes a $340M+ push in oil & gas exploration

Egypt has signed four new agreements with international firms, including Shell, Eni, and Arcius Energy (a BP–ADNOC JV), to drill 10 new wells across the Mediterranean and Nile Delta. These deals, worth over $340 million, are part of the government’s drive to boost domestic production amid declining output and rising demand.

Once a regional exporter, Egypt has increasingly relied on imports as aging fields slow and new investments lag. In May, gas production dropped to 3,545 million m³, down more than 40% from March 2021 (JODI).

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