Egypt Signs $340M Oil and Gas Deals, Plus Solar Energy Project

Sep 01, 2025 at 5:03 AM

Egypt Signs $340M Oil and Gas Deals, Plus Solar Energy Project

Egypt’s Natural Gas Holding Company (EGAS) has signed four agreements with international companies to explore for oil and gas. The deals are worth more than $340 million and include drilling 10 new wells in the Mediterranean Sea and the Nile Delta, according to the Egyptian Cabinet.

Oil and gas agreements

Shell: Will explore the Merniet Offshore Block in the Mediterranean, investing $120 million to drill 3 wells.
ENI (Italy): Will explore the East Port Said Offshore Block in the Mediterranean, investing $100 million for 3 wells.
Zarubezhneft (Russia): Will explore the Onshore North Khatatba Block in the Nile Delta, investing $14 million to drill 4 wells.
Arcus Energy: Will explore the North Damietta Offshore Block in the Mediterranean, investing $109 million.

The agreements were signed in the presence of Egypt’s Petroleum Minister Karim Badawi.

Solar energy project

A week earlier, Egypt signed another deal worth $220 million with investors from China, the UAE, and Bahrain to build a large solar energy complex in the Suez Canal Economic Zone.

The project will cover 200,000 square meters in Sokhna Industrial Zone.
It is expected to be finished in 3 years.
Partners include JA Solar (China), AH for Industrial Management (Egypt), Global South Utilities (UAE), and Infinity Capital (Bahrain).
The complex will have:
- A 2 GW solar cell factory
- A 2 GW solar panel plant
- A 1 GWh energy storage facility