DEA signs Red Sea concession extension agreement with EGPC

German energy company DEA signed a five-year extension agreement with the Egyptian General Petroleum Corporation (EGPC) for its concessions in the Ras Budran and Zeit Bay oil fields, the company said in a statement. The agreement also includes an option to further extend DEA’s concessions until 2027. DEA will invest a minimum of USD 20 mn in the concessions and is planning to invest about USD 700 mn in Egypt over the coming three years, according to a cabinet statement.