Egypt seeks Adnoc backing for undeveloped gas discoveries

Egypt is seeking more investment into its oil and gas sector from UAE oil major Adnoc. The country is trying to revive exploration and lift domestic production and officials have highlighted opportunities in undeveloped Mediterranean gas discoveries.

The call to raise investments came during a meeting between Egypt’s petroleum and mineral resources minister Karim Badawi and Adnoc CEO Sultan Al Jaber in Abu Dhabi, the Egyptian ministry said in a statement.

The two officials also explored investment opportunities in Egypt’s undeveloped gas discoveries in the Mediterranean, open exploration areas with promising potential and investment opportunities in the Red Sea region.

Meanwhile, Arcius Energy, a joint venture between Adnoc unit XRG and UK energy company BP, plans to develop the Harmattan gas field project, start drilling at the Atoll West exploratory well in the Mediterranean basin, and continue development of the Zohr field and the North Damietta area in the Mediterranean this year, the ministry said.

Last month, Egypt cleared all its outstanding dues to global oil and gas companies, which is likely to attract more investment to the sector.

Adnoc said in May that it would award AED200 billion ($55 billion) in contracts during the next two years to support its upstream and downstream expansion.

The announcement came after the UAE said it would leave the Organization of the Petroleum Exporting Countries (Opec) and the wider group Opec+.

In February, Gulf of Suez Petroleum Company, a joint venture between Egyptian General Petroleum Corporation and Dubai-based Dragon Oil, announced plans to invest nearly $516 million during 2026-27 to increase its crude production in Egypt by nearly 15 percent.

• Adnoc closes in on deal for Shell’s South African petrol stations
• XRG expands globally with stake in Argentine gas blocks
• Oman-Turkey venture to explore for oil and gas in Musandam