France’s energy giant TotalEnergies has teamed up with the Egyptian Natural Gas Holding Company (EGAS), an Egyptian state-owned player, to pursue oil and gas exploration activities off the coast of Egypt.
TotalEnergies and the Egyptian Natural Gas Holding Company have signed a memorandum of understanding (MoU) for exploration activities covering a large area in the north-western region offshore Egypt.
The MoU is perceived to establish a framework for technical cooperation, including preliminary exploration and subsurface evaluation activities.
Nicola Mavilla , Senior Vice President Exploration at TotalEnergies, commented: “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. This agreement will support the assessment of Egypt’s deep offshore exploration potential.”
The French giant is determined to augment its oil and gas reserves, as illustrated by the MOU it recently inked , in partnership with QatarEnergy and ConocoPhillips, with the Syrian Petroleum Company (SPC) to search for hydrocarbons in the Mediterranean Sea off the coast of Syria.
TotalEnergies also penned another such deal with Türkiye Petrolleri A.O. (TPAO) for oil and gas exploration operations in Türkiye’s Black Sea and internationally.