Perenco North Sinai Petroleum, a subsidiary of Egypt Kuwait Holding (EKH), has signed a new agreement with the Ministry of Petroleum and Mineral Resources to extend its rights over the North Sinai Offshore concession. The 10-year reassignment, effective until 2035, commits the company to drilling three exploratory oil and gas wells in the concession area.
The deal was announced during Petroleum Minister Karim Badawi’s visit to the company’s onshore and offshore facilities in North Sinai in September. The reassignment is expected to open new opportunities for exploration and reserve development in line with Egypt’s strategy to boost output and secure future energy supplies.
Badawi said the agreement reflects international companies’ growing confidence in Egypt’s petroleum investment climate and underscores the ministry’s success in launching competitive bid rounds. He noted that such deals boost production and meet the needs of the local market.
Jon Rokk, EKH CEO, stated that the agreement demonstrates the company’s role as a trusted partner in advancing Egypt’s energy future. He emphasized that by leveraging strong track records and global partnerships, the company is creating new exploration opportunities, transferring know-how, and generating high-value jobs for Egyptian youth.
The agreement was signed by Raafat El-Beltagy, CEO and representative of Perenco companies, and Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC), in the presence of Minister Badawi and EKH CEO.
Perenco North Sinai Petroleum, formerly referred to as Offshore North Sinai, has been operating the concession since 2014. The company currently operates six wells across a 443 square kilometer concession area in the Mediterranean, with an additional reserve of 223 billion cubic feet as of December 31, 2024, and average daily production of 53 million standard cubic feet per day in 2024.
Egypt Kuwait Holding was established in 1997 and is listed on both the Egyptian and Kuwaiti stock exchanges. Over the past two decades, EKH has grown to become one of the leading and fastest-growing investment entities in the Middle East and North Africa region.
Source: egyptoil-gas.com