Cabinet Approves New Oil Exploration Agreements Worth $85M

The Cabinet, chaired by Prime Minister Mostafa Madbouly, approved on Thursday, April 16, 2026, a draft commitment agreement for oil exploration, development, and exploitation in several areas across Egypt.

The agreements, signed between the Egyptian government and the Egyptian General Petroleum Corporation, cover the development areas of Gemsa and Ras Bahar in the Eastern Desert, Ras Gharib (1) and its extension in the Gulf of Suez and Eastern Desert, South Rafah “Abu Raad” in Sinai, and Abu Sennan in the Western Desert.

The agreements include a minimum investment commitment estimated at approximately $85 million.

They fall within the Ministry of Petroleum and Mineral Resources’ strategy to attract new investments and accelerate exploration and drilling activities, contributing to increased production, maximizing the utilization of natural resources, and reducing import bills.