TotalEnergies (TTE) expands Egypt offshore gas exploration partnership

TotalEnergies signed a memorandum of understanding with the Egyptian Natural Gas Holding Company on May 13, 2026, to advance offshore gas exploration studies in northwestern Egypt, as Cairo seeks to revive domestic production and draw foreign investment. The agreement covers technical cooperation, including preliminary exploration studies and subsurface evaluation across a large Mediterranean offshore area. No drilling commitments or financial terms were disclosed. TotalEnergies said the pact would support assessment of Egypt’s deep offshore exploration potential. Egypt has relied more heavily on international oil and gas companies after declining output from mature fields tightened domestic supply, particularly during periods of higher summer demand. The deal comes as Chevron, ExxonMobil, Shell and BP expand Eastern Mediterranean exploration, while Egypt offers incentives to accelerate offshore development. TotalEnergies already has exposure to Egypt through gas, LNG and renewable energy projects, including the Damietta LNG export plant via its SEGAS LNG stake.