Cairo: Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a new agreement for the integrated Badr El Din area in Egypt's Western Desert between the Egyptian General Petroleum Corporation and Capricorn Energy. The agreement aims to accelerate new investments with a minimum value of $208 million to expand exploration, development, and production activities.

According to State Information Service Egypt, the agreement supports efforts to increase oil and gas production and add new reserves through a five-year work program, which prioritizes drilling 44 production and exploration wells in the area. The agreement consolidates eight Western Desert concession areas operated by Badr El Din Petroleum Company, a joint venture between EGPC and Capricorn, and adds new exploration blocks. This consolidation will bring the total exploration, development, and production area to approximately 6,181 square kilometers, facilitating intensified activities and supporting higher output and new oil and gas discoveries.

The agreement aligns with the Ministry of Petroleum's strategy to encourage investment and create a conducive environment for foreign partners, promoting fresh investments in exploration and field development areas in the Western Desert, which is Egypt's most significant crude oil-producing region.

The work program under the agreement also includes upgrading production infrastructure, particularly the Badr-3 processing station, reprocessing seismic data, and conducting a 500-square-kilometer 3D seismic survey to maximize geological data usage and identify new opportunities to boost production.

The agreement is anticipated to enhance exploration and production plans in Badr El Din Petroleum Company's concession areas in the Western Desert, opening new prospects for adding oil and gas reserves to support the petroleum sector's efforts to increase domestic production.