Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, confirmed that the ministry’s strategy to deal with challenges and accelerate plans for development, production and exploration is achieving positive results in this regard, as initial indicators showed an increase in oil and gas production during the period from July to October by 200 million cubic feet of gas and 39 thousand A barrel of crude oil per day, and the acceleration of the activities of international companies for development, production and exploration has begun, as the Ministry continues to implement incentive policies to pump more investment, and work to address challenges in this regard.
This came during the minister’s speech before the meeting organized by the American Chamber of Commerce in Cairo, headed by Engineer Tariq Tawfiq and in the presence of leaders of the petroleum sector, Greg McDaniel, vice president of the chamber and vice president of the American Apache and its director in Egypt, and members of the chamber who are presidents and leaders of international companies operating in Egypt in the oil and gas sector. .
Badawi pointed out that the Ministry is working to create a more attractive environment for global and national investments in the oil and gas sector, which contributes to achieving the goals of the business strategy to accelerate development, production and exploration plans to secure the needs of the local market and reduce the import bill.
He explained that the Ministry paid attention, at the beginning of its work within the new government, to identifying and addressing the challenges, especially those that hinder investment, such as the accumulation of dues from foreign partners, so it worked on regular payment of dues, launching incentive packages to increase production, financing the payment of dues, and special procedures for correcting the pricing system and implementing mechanisms to attract investment. Providing new and attractive investment opportunities through the Egypt Digital Exploration and Production Portal (EUG) and cooperating with global partners to reduce the cost of production by exploiting existing infrastructure and facilities, in addition to energy efficiency measures. And reducing carbon emissions because they have a significant positive impact economically and environmentally.
The minister pointed out that one of the most important positive results recently in Ben is the start of well drilling activities again next month in the Zohr gas field, adding two new wells with a production of 220 million cubic feet of gas per day, and accelerating gas production operations from the second phase of the Raven field in the Mediterranean next January. In cooperation with British Petroleum Company (BP) by pumping additional investments, Shell International has completed placing two new wells on the map of natural gas production from the Mediterranean Sea in the western deep delta and is preparing to add A third well next month, and a number of rigs have been pushed into the Agiba Petroleum Company’s production fields in the Western Desert to speed up work. This is in addition to cooperation with Apache International Company to implement incentive measures to gradually increase gas production in the Western Desert.
The minister added that increasing petroleum production represents a priority for the Egyptian government, which is integrated and works in the spirit of one team, pointing to the ongoing coordination and integration between the ministry and legislative institutions.
The Minister also indicated that the Ministry’s work priorities also include exploiting the existing infrastructure in the fields of oil refining and petrochemical production to increase production and export returns, and exploiting the large mining potential to raise the mining sector’s contribution to the domestic product, with a focus on developing mineral exploitation contracts to stimulate investors, and cooperating with the Ministry. Electricity to form an optimal and diversified energy mix for the benefit of the Egyptian economy, with the aim of using 42% renewable energy in electricity generation by 2030, which provides natural gas to be optimally exploited as an added value in the national industry, and to focus On energy efficiency, carbon reduction and environmental sustainability in the oil and gas industry.
The Minister pointed out that work is underway to maximize Egypt’s role as a regional energy center based on the elements of its distinguished geographical location, strong infrastructure, and broad local market, and the strong partnerships and constructive cooperation it has built in the Eastern Mediterranean with the Cypriot side and international companies that invest in the two countries.
Engineer Karim Badawi reviewed the most important features of petroleum work for the year 2025, foremost of which is continuing to accelerate the pace of production and exploration work, exploiting refining and petroleum capacities, especially the Midor refinery after its expansion, continuing plans to deliver natural gas to homes and using it in cars to reduce the cost of butane gas cylinders and car fuel, and launching the electronic portal for wealth. Minerals and offering attractive investment opportunities in the mining sector.
For his part, Engineer Tariq Tawfiq, President of the American Chamber of Commerce in Cairo, said that in light of a period full of challenges, we are seeing a positive change in the new government embodied in constructive cooperation and teamwork among government ministers. He stressed the importance of the government continuing the steps that confirm that it is in the right direction, economically and investment-wise.
