Energean considers USD 150 mn to double Egypt production over the decade, unlock 4 tcf of potential gas acreage

The Mediterranean-focused oil producer Energean is nearing an agreement to merge three concessions that could pave the way for it to double production in the country, the London-listed company said in its 1H results (pdf). The firm has agreed to principal terms with the Egyptian General Petroleum Corporation (EGPC) to combine Abu Qir, North El Amriya, and North Idku into a single concession with improved fiscal terms and higher gas pricing.

The better terms come with a resource upgrade: Under the agreement, the company is planning a USD 150 mn investment program over four years, which could add up to 50 mn barrels of oil equivalent in aggregate and double production over the following decade. It could also open up new exploration acreage estimated to hold more than 4 tcf of gas, according to the company.

BACKGROUND- Energean was one of the four runners aiming to acquire BP’s offshore West Nile Delta gas assets in late August on a roughly USD 1 bn indicative offer. BP’s output there has been sliding as production fell to 518 mmcf/d last year, down about 40% from 2024 and nearly 60% from 2023. The assets sit next to Energean’s own Abu Qir, North El Amriya, and North Idku concessions; combined, the two positions would give Energean a ~99k boe/d Egypt base. Energean’s prior sale of these same assets to Carlyle, worth up to USD 945 mn, collapsed in March 2025 after Italian and Egyptian regulatory approvals fell through.

What’s next: Energean has until roughly late September to convert its BP offer into a firm bid. On the concession side, the new EGPC terms still need Egyptian parliamentary ratification before their targeted 1 January 2027 start date.