TotalEnergies and EGAS sign offshore exploration agreement in Egypt

TotalEnergies (Paris: TTE) (LSE: TTE) (NYSE: TTE) and the Egyptian Natural Gas Holding Company signed a memorandum of understanding for exploration activities in Egypt's northwestern offshore region, according to a company statement.

The agreement establishes a framework for technical cooperation including preliminary exploration and subsurface evaluation activities in the designated area.

"We are pleased to launch this cooperation with EGAS, which reflects our shared ambition to further strengthen our partnership with the Arab Republic of Egypt. This agreement will support the assessment of Egypt's deep offshore exploration potential," said Nicola Mavilla, Senior Vice President Exploration at TotalEnergies.

The memorandum covers what the company described as a large area located in the northwestern offshore region of Egypt. The agreement represents an expansion of TotalEnergies' exploration activities in Egyptian waters.

TotalEnergies operates as a global integrated energy company that produces and markets oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity. The company employs more than 100,000 people and operates in approximately 120 countries.

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