Speaking at the general assembly of the Egyptian Natural Gas Holding Company (EGAS) to review the results of the 2024/2025 fiscal year, Badawi emphasized the critical role of seismic surveys in attracting international oil and gas companies.
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, announced that the petroleum sector succeeded in saving about $3.5 billion from the country’s import bill by securing sufficient gas supplies to meet domestic demand, particularly during the summer.
Speaking at the general assembly of the Egyptian Natural Gas Holding Company (EGAS) to review the results of the 2024/2025 fiscal year, Badawi emphasized the critical role of seismic surveys in attracting international oil and gas companies.
He noted that these surveys provide comprehensive subsurface data that encourage investment in exploration and production.
EGAS CEO Mahmoud Abdel Hamid presented the year’s performance indicators, reporting that nine new exploration blocks were awarded and six finalized agreements were signed with total investments of around $479 million and $14.5 million in signature bonuses.
He added that 29 gas discoveries were made in the Mediterranean, Western Desert, and Gulf of Suez, along with three successful wells in the Mediterranean and Delta, contributing an additional 1.85 trillion cubic feet of gas reserves. Abdel Hamid also confirmed the completion of multiple seismic survey programs across exploration areas.
He further noted that the company developed seven new gas field projects and drilled 23 development wells, with total investments of around $1.7 billion.
On the domestic front, around 572,000 households were connected to the gas grid during the year, bringing the cumulative total to 15.5 million units.
In addition, EGAS oversaw the conversion of 47,500 vehicles to run on compressed natural gas (CNG), along with the establishment of 34 fueling stations and 17 vehicle conversion centers across various governorates.
