Egypt is looking to expand its exploration for oil and gas as it seeks a solution to the high decline rates it suffers at currently producing fields. Its most recent venture is to expand exploration in the Red Sea after it finally demarcated its maritime border with Saudi Arabia.

“This region of the Red Sea has not witnessed any petroleum activity, with the exception of the Suez Gulf, it is an untouched area,” Oil Minister Tariq al-Mulla says.

State oil firm EGPC’s upper...