PARIS, May 14 – French oil major TotalEnergies signed a memorandum of understanding with Egyptian Natural Gas Holding Company on Wednesday to advance offshore exploration activities in northwestern Egypt.
The agreement establishes a framework for technical cooperation across a large offshore area located in the country’s northwestern waters.
Under the memorandum, the two parties will collaborate on preliminary exploration work and subsurface evaluation activities aimed at assessing the region’s deepwater hydrocarbon potential.
The deal reflects Egypt’s continued efforts to attract international energy investment and strengthen its position as a regional gas hub amid rising demand for energy security and offshore resource development.
“We are pleased to launch this cooperation with EGAS, which reflects our shared ambition to further strengthen our partnership with the Arab Republic of Egypt,” Nicola Mavilla, Senior Vice President Exploration at TotalEnergies, said in a statement.
He added that the agreement would support the assessment of Egypt’s deep offshore exploration opportunities.
Egypt has intensified efforts in recent years to expand offshore gas exploration in the Mediterranean as it seeks to boost domestic production, support exports and attract foreign investment into the energy sector.
