en.Wedoany.com Reported - French energy giant TotalEnergies SE (Paris Euronext: TTE, London Stock Exchange: TTE, New York Stock Exchange: TTE) and the Egyptian Natural Gas Holding Company (EGAS) officially signed a Memorandum of Understanding in Cairo, the capital of Egypt, on May 13, 2026, to jointly assess the deep oil and gas exploration potential of a large area in the northwestern offshore region of Egypt. The MoU was signed by Pascal Breant, General Manager of TotalEnergies Egypt and Cyprus, and Sayed Selim, Executive General Manager of EGAS.
Founded in 1924 and headquartered in Paris, France, TotalEnergies is the world's fifth-largest publicly traded integrated international oil and gas company, operating in approximately 120 countries with over 100,000 employees. The company's business covers the entire value chain, including oil and gas exploration, production, refining, chemicals, marketing, and renewable energy. EGAS, a state-owned natural gas holding company under the Egyptian Ministry of Petroleum and Mineral Resources, was established in 2001 to manage upstream licensing and partnerships for Egypt's natural gas resources, primarily operating in the Mediterranean and Nile Delta regions.
Under the agreement, the two parties will establish a technical cooperation framework, including preliminary exploration and subsurface assessment activities. Nicola Mavilla, Senior Vice President of Exploration at TotalEnergies, stated that this collaboration reflects the shared ambition to further strengthen the partnership with the Arab Republic of Egypt, supporting the assessment of Egypt's deep offshore exploration potential. Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, welcomed TotalEnergies' return to Egyptian gas exploration, viewing it as a positive outcome of the ministry's strategy to create an attractive investment environment through reforms, incentives, and settlement of arrears.
TotalEnergies has been operating in Egypt since 1998, with activities covering retail fuel distribution, lubricants, liquefied natural gas, offshore exploration, and renewable energy projects. The company currently operates over 240 service stations across Egypt. The signing of this MoU follows TotalEnergies' joint offshore exploration agreement with QatarEnergy, ConocoPhillips, and the Syrian Petroleum Company on May 12, 2026, marking another significant step in expanding the company's upstream business in the Middle East and North Africa region. Egyptian Prime Minister Mostafa Madbouly attended the signing ceremony and reaffirmed the government's full support for attracting international partners to upstream investments. The signing of this agreement is a key component of Egypt's strategy to promote offshore gas exploration and enhance long-term energy security.
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