The Egyptian Natural Gas Holding Company (EGAS) signed four agreements with international companies for oil and gas exploration in the Mediterranean Sea and the Nile Delta, with total investments estimated at approximately $343 million USD, including the drilling of 10 wells.

In a statement on Saturday, the Egyptian Ministry of Petroleum and Mineral Resources stated that the agreements were signed on behalf of EGAS by its Executive Managing Director, Engineer Mahmoud Abdel Hamid, in the presence of the Minister of Petroleum and Mineral Resources, Engineer Karim Badawi.

The statement clarified that the first agreement is for the (Marine Merneith) area in the Mediterranean Sea with (Shell International) with investments amounting to $120 million and the drilling of 3 wells. It was signed by the Chairperson of (Shell Egypt), Dalia El-Gabry.

The second agreement is for the (East Port Said Marine) area in the Mediterranean Sea with the Italian company (Eni), with investments estimated at $100 million and the drilling of 3 wells. It was signed by the General Manager of (Eni) in Egypt, Francesco Gaspari, in the presence of the Deputy President of the British company (BP) in Egypt, Engineer Wael Shahin, and the Exploration and Production Manager of (QatarEnergy), Ali Al-Mana, representing the two companies partnering with (Eni) in the investment in the area.

The statement indicated that the third agreement concerns the North (Khatatba Onshore) area in the Nile Delta with the Russian company (Zarubezhneft), with investments reaching $14 million and the drilling of 4 wells. It was signed by the company's Vice President in Egypt, Yassin Rahib, in the presence of its General Manager, Rustem Bakirov, and Chief Geologist, Mikayel Kuprak.

Regarding the fourth agreement, the statement clarified that it is for the (North Damietta Marine) area in the Mediterranean Sea with the international company (Aquis Energy), with investments of about $109 million. It was signed by the company's President, Nasser Al-Yafaei. The company represents a partnership between the British (BP) and the UAE's ADNOC subsidiary (XRI).

The statement affirmed that these agreements reflect the ongoing efforts of the Ministry of Petroleum and Mineral Resources to drive investment in the gas sector and accelerate the pace of exploration activities, contributing to the growth of gas resources and increased production.