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ENERGY-
#1- The Oil Ministry has inked three new oil and gas exploration agreements worth more than USD 121 mn across the Western Desert, Gulf of Suez, and North Sinai, according to a statement. The agreements, signed by the Egyptian General Petroleum Corporation (EGPC) with international players, include a USD 46 mn reassignment of the North Sinai Offshore area to Perenco Egypt to drill three wells with a USD 1 mn signature bonus; a USD 40.5 mn agreement with UAE’s Dragon Oil to drill three wells in East El Hamd, with a USD 4.5 mn bonus; and a USD 35 mn agreement with Apache to add five new exploration areas in the Western Desert, covering 14 wells and carrying a USD 25 mn bonus.
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#2- EGPC plans to recover 13 mn barrels of crude oil and condensate reserves in 4Q 2025, up from 4 mn barrels in the same period last year, Al Arabiya reports, citing an unnamed government official. The plan will be carried out by developing old onshore and offshore oil concession sites in cooperation with the foreign partners operating the concessions.
The details: The project will mainly focus on fields whose production rates have been low for years, including the Western Desert, set to account for 75% of the recovery plan, along with fields in the Eastern Desert and the Gulf of Suez. EGPC aims to boost crude production by over 15% in the current fiscal year, with current output standing at 525k barrels per day.
M&A WATCH-
El Banna Group acquires Al Dahra’s citrus farm in Egypt: El Banna Group — one of Egypt’s largest citrus producers and exporters — has acquired UAE-based agribusiness firm Al Dahra Group’s citrus farm and packhouse in Salheyia, according to a press release (pdf) from Zilla Capital, who acted as sole financial advisor to Al Dahra.
CAPITAL MARKETS-
Saudi-based Arab Investment Company (TAIC) has tapped CI Capital Holding’s asset management outfit, CI Capital Asset Management to manage its portfolio, according to a statement. The agreement marks TAIC’s first mandate with an Egyptian manager as it looks to deploy about USD 800 mn across the region before year-end, with Egypt identified as a key growth market.
HEALTHCARE-
The Egypt Healthcare Authority launched a national telemedicine platform connecting Egyptian doctors abroad with patients, according to a statement from the authority. The platform will be implemented in coordination with Egyptian embassies abroad and related ministries.
