The Ministry of Petroleum and Mineral Resources, represented by the Egyptian General Petroleum Corporation, has signed four new Memoranda of Understanding (MoUs) aimed at exploring and studying the potential for oil and natural gas exploration, production, and field development.

 The agreements were signed with a coalition consisting of Hassan Allam Holding - Infinity Capital Investment, Ezz Steel, El Sewedy Industrial Group EIG, and Advanced Petroleum Services Group.

Minister of Petroleum and Mineral Resources, Karim Badawi, stated that these new MoUs support the promotion of available investment opportunities through the Egypt Exploration and Production Gateway.

 Moreover, the initiative is part of the Ministry's ongoing efforts to encourage Egyptian investors to boost production from mature fields in the Eastern and Western Deserts, as well as the Gulf of Suez, to increase output and meet local market demand.

He emphasized that the four MoUs aim to explore the possibility of involving the signing companies in available investment opportunities, particularly in the development of mature fields in the Gulf of Suez and the Eastern Desert, through the Egypt Exploration and Production Gateway.

Badawi also highlighted the importance of cooperation with private sector companies to enhance domestic oil and gas production. He noted that developing mature fields offers a significant opportunity to achieve a substantial increase in production by utilizing the latest technologies in exploration and development operations.