Today, President Abdel Fattah El-Sisi met in El Alamein with Prime Minister Dr. Moustafa Madbouly and Minister of Petroleum and Mineral Resources Eng. Karim Badawi.
The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the President reviewed the status of crude oil and natural gas production in various exploration areas across Egypt’s governorates, the availability of strategic reserves of petroleum products and the future plan for ensuring their supply, thereby guaranteeing market stability and the continued availability of these essential products for all productive and service sectors. The Minister of Petroleum presented a comprehensive overview of crude oil and natural gas production indicators, in light of the five-year plan for crude oil and natural gas production. This plan encompasses seismic survey programs, modern technologies, contracting systems, and the development of untapped discoveries. The Minister emphasized the commitment to doubling Egypt’s oil and condensate production and to consolidating Egypt’s role as a hub for petroleum product trading and gas liquefaction and export.
The Minister of Petroleum also reviewed efforts to intensify exploration, development, and production activities, as well as the new projects and wells expected to be brought to the production plan between now and December 2026, noting the continued implementation of programs to improve the efficiency of the natural gas system and enhance energy security. The Minister also reviewed the ongoing efforts to encourage international companies operating in Egypt to expand their investments, given the state’s success in settling outstanding payments to investment partners, in addition to maintaining regular payments on current dues. He further highlighted the incentive measures that have contributed to boosting confidence in the investment climate and improving cash flow in the petroleum sector. This was confirmed by reports issued by foreign companies operating in Egypt, which emphasized Egypt’s strategic importance in the oil and gas sectors.
Eng. Badawi also reviewed the status of a number of strategic projects underway in the oil and natural gas sectors in partnership with major international companies, citing plans for exploration, development, and drilling of development wells in the Mediterranean region. He also reviewed the latest developments pertinent to regional cooperation in the oil and gas sector, noting in this regard the announcement by the alliance of Italy’s Eni and France’s TotalEnergies of their final investment decision to develop the Cypriot Cronos gas field and connect it to the Egyptian infrastructure. This underscores Egypt’s growing position as a regional hub for gas trading and distribution.
With regard to the refining sector, the Minister of Petroleum indicated a plan to develop and maximize the utilization of existing oil refineries through the implementation of six projects with total investments exceeding $4 billion. This aims to boost production, add value, and reduce the fuel import bill, supported by an increase in crude oil volumes available to refineries.
President El-Sisi emphasized the need to provide the necessary incentives to encourage partners to expand their exploration and development activities, increase field production rates, and address any challenges that might hinder the implementation of work programs aimed at achieving a tangible increase in production. The President stressed the importance of turning the petroleum sector’s objectives into clear implementation programs and measurable performance indicators. The President also gave directives to achieve a qualitative leap in maximizing the added value of mineral resources and increasing their contribution to the national economy.
Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
