The Egyptian General Petroleum Corporation (EGPC) has signed an oil and gas exploration agreement with UK-based Terra Petroleum, marking the company's first entry into Egypt's upstream sector. The deal includes initial investments of approximately USD 6.5 million and covers the Northwestern El Moghra concession in the Western Desert.

Exploration Activities and Investment Details

Under the deal, Terra Petroleum will drill three exploration wells and undertake 2D and 3D seismic surveys in the Northwestern El Moghra concession area. The USD 6.5 million initial investment represents Terra Petroleum's inaugural venture into Egypt's oil and gas exploration sector.

Government Response and Investment Climate

Minister of Petroleum and Mineral Resources Karim Badawi said the agreement reflects growing international confidence in Egypt's petroleum investment climate, highlighting ongoing sector stability and reform. The minister's comments indicate the government's optimistic view of global participation in the country's energy sector.

Western Desert Development Focus

The Western Desert remains a focal point for Egypt's upstream growth, with recent discoveries and new agreements in 2025 contributing to reserve additions and production increases. The Northwestern El Moghra concession is located in this strategically important region for Egypt's oil and gas development.

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