Egypt on Thursday signed a new incentive‐based agreement with Eni and BP to launch exploration in the Mediterranean, part of its drive to boost natural gas production and unlock new offshore reserves, the petroleum ministry said Thursday. The deal between the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), Eni's IEOC unit and BP covers the drilling of an exploration well in the Temsah concession. Petroleum Minister Kareem Badawy said the agreement supports the first pillar of Egypt's energy strategy — increasing domestic oil and gas output — by intensifying exploration in promising offshore blocks. The Temsah concession, he noted, is the result of decades‐long cooperation between EGPC, EGAS and their partners, backed by advanced technical work. He said Egypt aims to leverage the technology and expertise of Eni and BP to accelerate resource development. Francesco Gaspari, president of ENI's subsidiary in Egypt (IEOC) and Wael Shaheen, vice president of BP Egypt, signed the agreement alongside EGPC and EGAS executives. The ministry said the deal reflects Egypt's determination to tap its Mediterranean gas potential to meet domestic demand and enhance its role as a regional energy hub. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
