Egypt has signed three offshore oil and gas exploration agreements worth more than $121 million with US-based Apache, UAE's Dragon Oil, and Perenco Egypt, the ministry of petroleum and mineral resources said on Sunday. The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), are all in exploration blocks in the Western Desert, Gulf of Suez, and North Sinai. Perenco Egypt, a subsidiary of the Egyptian-Kuwaiti Holding Company (EKH), will invest $46 million to drill three wells in the North Sinai offshore area, with an additional $1 million signature bonus. Dragon Oil won rights to the East Hamd area with commitments of $40.5 million to drill three wells and a $4.5 million signature bonus. Apache will expand operations in the Western Desert with $35 million in investments to drill 14 wells and a $25 million bonus. Petroleum Minister Karim Badawy said the agreements highlight growing confidence in Egypt's energy sector, underscoring the success of recent international bidding rounds and incentive policies. He added the contracts would help increase production and secure local market demand. Attribution: Amwal Al Ghad English
