Perenco North Sinai Petroleum, a subsidiary of Egypt Kuwait Holding (EKH), has signed a new agreement with Egypt’s Ministry of Petroleum and Mineral Resources (MoMPR) to extend its tenure over the North Sinai Offshore concession until 2035, according to various news reports.
Under the 10-year reassignment, the company is committed to drilling three new exploratory oil and gas wells in the concession area.
The agreement was finalised during Petroleum Minister Karim Badawi’s September visit to Perenco’s facilities in North Sinai. The extension aims to unlock further exploration potential and expand reserves, aligning with Egypt’s national strategy to raise hydrocarbon output and safeguard future energy supplies.
Badawi noted that the deal reflects the growing trust of international investors in Egypt’s energy sector. He highlighted the ministry’s competitive licensing rounds as a key driver of new exploration partnerships, which in turn support higher production levels and meet local market needs.
Jon Rokk, CEO of EKH, described the extension as evidence of the company’s long-term commitment to Egypt.
“This agreement is a clear demonstration of the company’s role as a trusted partner in advancing Egypt’s energy future. By leveraging our strong track record and global partnerships, we are creating new exploration opportunities, transferring know-how, and generating high-value jobs for Egyptian youth.”
The reassignment was signed by Raafat El-Beltagy, CEO and representative of Perenco companies, and Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC), in the presence of Minister Badawi and EKH’s leadership.
Perenco North Sinai Petroleum, previously known as Offshore North Sinai, has operated the concession since 2014. The company currently runs six wells across a 443 sq km block in the Mediterranean, holding additional reserves of 223 bcf as of 31 December 2024, and averaging daily production of 53 mmscf/d last year.
Founded in 1997 and listed on both the Egyptian and Kuwaiti stock exchanges, EKH has expanded over the past two decades into one of the region’s fastest-growing investment firms, with a diverse portfolio across the Middle East and North Africa.
