Cairo: The Egyptian General Petroleum Corporation (EGPC) has signed three new agreements with international companies to explore for oil and gas in the Western Desert, Gulf of Suez, and North Sinai regions.

According to State Information Service Egypt, the first agreement was signed with Berenco Egypt to drill three wells in the North Sinai offshore area. This venture involves investments of $46 million and includes a $1 million signature bonus.

The second agreement involves UAE Dragon Oil, which plans to drill three wells in the East El-Hamd area in the Gulf of Suez. This project will see investments amounting to $40.5 million and a $4.5 million signature bonus.

The third agreement was signed with US-based Apache for exploration and development activities, which will add five new blocks. This includes drilling 14 wells in the Western Desert with an investment of $35 million and a signature bonus of $25 million.

Karim Badawi, Minister of Petroleum and Mineral Resources, commented that these agreements reflect the growing confidence of international companies in Egypt's energy sector.