Egypt Secures $340M Investment from Shell, Eni, ARCIUS, and Zarubezhneft for Mediterranean and Delta Exploration
The Egyptian Natural Gas Holding Company (EGAS) has signed four major agreements with Shell, Eni, ARCIUS Energy, and Russia’s Zarubezhneft to expand oil and gas exploration in the Mediterranean and Nile Delta regions.
The agreements cover the drilling of 10 wells, with total minimum investments exceeding $340 million.
Mahmoud Abdel Hamid, Chairman of EGAS, signed the agreements in the presence of Karim Badawi, Minister of Petroleum and Mineral Resources.
Key Agreements
Shell Egypt – Signed by Dalia Elgabry, Vice President and Country Chair of Shell Egypt, the agreement allocates $120 million for the drilling of three wells in the Merneith offshore area of the Mediterranean.
Shell has operated in Egypt for over a century and continues to play a key role in the country’s energy development.
Eni (IEOC) – Signed by Francesco Gaspari, President of Eni’s Egyptian subsidiary, in the presence of partners BP Egypt and Qatar Petroleum, this deal focuses on the East Port Said offshore area. It includes $100 million for drilling three wells.
Zarubezhneft – Signed by Yassin Rahlib, Vice President in Egypt, along with Rustem Bakirov, General Manager, and Mikael Kobrak, Chief Geologist, the agreement targets the North Khatatba onshore area in the Nile Delta, with investments of up to $14 million for four wells.
ARCIUS Energy – Signed by Naser Al Yafei, CEO of ARCIUS Energy (a partnership between BP and ADNOC Group’s XRG), the agreement covers the North Damietta offshore area in the Mediterranean, with an investment of approximately $109 million.
In July 2025, EGPC and EGAS also signed a separate agreement with Eni’s IEOC and BP to begin exploration in the Temsah concession of the Mediterranean.
Plans include drilling an exploratory well in the coming months, aiming to expand natural gas exploration and uncover new hydrocarbon opportunities.
