The Saudi Addis Holding Company has concluded an agreement with the Egyptian General Petroleum Corporation to increase the production of obsolete oil fields in Egypt, with a total value of 247.5 million riyals ($66 million) over 10 years.

Addis will invest 112.5 million riyals ($30 million) in the fields of the Suez Canal Oil Company (SOCO) and 135 million riyals ($36 million) in the fields of the Shuqair Offshore Oil Company (OSOCO) during the first 3 years of the agreement, and the duration of the agreement. 10 years, with the possibility of extending for another ten years. The company will also have the right to benefit from additional production revenues based on a mechanism agreed upon between the two parties.

The alliance’s share of the increase in production will range between 61% and 72%, depending on the total oil production, with an indicative price per barrel determined according to market prices. The size and schedule of investment payments will also be linked to the levels of the achieved increase in production rates.

The Addis agreement with the Egyptian General Petroleum Corporation is an important step to enhance cooperation between the two countries in the field of energy. It will also contribute to increasing oil production in Egypt and enhancing energy security in the region. The agreement will allow Addis to expand the scope of its business in Egypt and benefit from investment opportunities in Oil and gas sector; It confirms Addis's confidence in Egypt's capabilities and the future of its energy sector.