The agreements, disclosed by the Petroleum Ministry on 30 August, encompass offshore blocks in the Mediterranean and Nile Delta.
These contracts include a commitment to drill ten new wells and were secured by the state-owned Egyptian Natural Gas Holding Company (EGAS).
Shell International has entered into the largest agreement, valued at $120m (£88.7m), for exploration in the Mediterranean's Merneith offshore area. The agreement includes plans for three wells.
The second agreement is with Italian energy company Eni, which has pledged $100m (€85.31m) for drilling three wells in the East Port Said offshore block.
Russia’s Zarubezhneft signed the third agreement, valued at $14m (Rbs1.13bn), which is set to focus on the North Khatatba concession in the Nile Delta, with four wells scheduled to be drilled.
In addition, Arcius Energy, a joint venture between BP and XRG, the investment arm of the United Arab Emirates' ADNOC, has committed to invest $109m in the North Damietta offshore area.
These investments come at a critical time as Egypt grapples with declining gas field supplies and a surge in electricity consumption, compounded by regional tensions impacting the energy sector.
The Ministry of Petroleum has announced that the contracts are a component of a larger strategy aimed at enhancing exploration efforts, ensuring a stable domestic supply and strengthening Egypt's position as a key energy hub in the region.
Concurrently, Egypt secured a series of agreements in June to procure between 150 and 160 cargoes of liquefied natural gas (LNG) through 2026, a move aimed at meeting the country's rising power requirements amid economic challenges.
These LNG agreements with global energy companies and trading houses are expected to cost Egypt more than $8bn at present market rates.
