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President El-Sisi approves petroleum deals for North Sinai offshore and Gulf of Suez
via Egypt Today1 min read
President Abdel Fattah El-Sisi has approved two new petroleum agreements, as announced in the Official Gazette. Law No. 81 of 2025 authorizes the Minister of Petroleum and Mineral Resources to sign agreements with the Egyptian General Petroleum Corporation EGPC and a consortium of Perenco North Sinai Petroleum Inc. affiliates, including Perenco North Sinai Oil Limited, Perenco North Sinai Gas Limited, and Perenco Resources Egypt Limited. These agreements cover petroleum exploration, development, and production in the North Sinai offshore development zone. Additionally, Law No. 163 of 2025 permits the Minister to contract with EGPC and Dragon Oil Egypt Holding 1 Limited for petroleum exploration and production in the East Al-Hamad area of the Gulf of Suez. These approvals follow President El-Sisi's earlier commitment in March to settle outstanding dues to foreign oil and gas partners, aiming to maintain investor confidence and support energy investments. This commitment was reiterated during a meeting with an ExxonMobil delegation, led by John Ardil, Vice President for Global Frontier Exploration, where ongoing exploration activities in Egypt were discussed.
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This summary was AI-generated from a story originally published by Egypt Today.
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