Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, held an extensive meeting today at the headquarters of GASCO, bringing together heads of petroleum sector companies, their deputies, assistants, and young professionals from various firms. The meeting was part of the ministry’s ongoing efforts to foster dialogue and engagement with executive leadership across the sector.

Minister Badawi listened to a broad range of ideas, engaging in open dialogue on attracting investment—particularly in untapped exploration areas—and enhancing investment frameworks. Discussions also included modernizing agreements, developing human capital through training programs, integrating artificial intelligence in production operations, expanding solar energy use at field sites, and strengthening national oil production companies.

The Minister reviewed the ministry’s current efforts to boost domestic oil and gas production to meet citizens’ needs, reaffirming this as a strategic priority. He praised the workforce's efforts in increasing field productivity and curbing natural decline rates, expressing optimism about halting the decline within two months and gradually ramping up production.

Badawi highlighted the petroleum sector’s comprehensive preparations for the summer season, including increasing domestic output, enhancing LNG infrastructure, and coordinating with the Electricity Ministry to optimize gas distribution to high-efficiency power plants. Four LNG regasification ships have been deployed to reinforce the national grid.

He outlined the six strategic pillars guiding the ministry’s work, emphasizing the economic optimization of refining and petrochemical infrastructure—independent of crude oil availability—as well as gas liquefaction and exports. He also stressed the importance of energy mix diversification, aiming to raise renewable and green energy’s share to 42% by 2030, while enhancing safety, energy efficiency, and emissions reduction.

Creating a more attractive investment environment remains a shared national goal, the minister said, citing the ministry’s newly introduced incentive packages. These include enhanced pricing, production-sharing, and access to nearby exploration opportunities—helping to lower production costs and improve project viability. The minister also confirmed the implementation of a consistent payment mechanism for international partners to restore confidence and encourage further investment.

Badawi cited U.S.-based Apache Corporation’s success in the Western Desert as a model, where recent incentives led to increased gas output. The company’s CEO, John Christmann, had previously praised Egypt’s petroleum policies during the Egypt Petroleum Show (EGYPS).

He also referenced a recent Cabinet-approved profitability-based incentive scheme applied to deepwater, remote, and virgin exploration areas—expected to unlock substantial new investment.

The Minister revealed that results of a new bid round for oil and gas exploration would be announced soon, reflecting investor confidence. A seismic survey in South Valley has also been launched to attract investments there, while companies operating in the Red Sea have met all exploration commitments and are planning increased spending, particularly in the Mediterranean.

Badawi emphasized the energy sector’s strategic importance to President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly, who continue to support efforts to eliminate investment barriers.

He also highlighted the significance of the February agreement signed in Cairo to develop Cyprus’ Cronos gas field, leveraging Egypt’s infrastructure to process Cypriot gas—expected to begin flowing to Egypt by 2027 via undersea pipelines. The deal, in partnership with Cyprus and Italy’s Eni, underscores Egypt’s growing status as a regional energy hub.

On mining, Badawi pointed to recent structural reforms that transformed the Mineral Resources Authority into an economic entity, enabling more flexible investment procedures. With rich geology, strong infrastructure, diverse energy sources, and an investor-friendly legal framework, Egypt is poised to expand its mining sector.

Investment in gold exploration has also advanced, with global firms such as AngloGold Ashanti and Barrick Gold entering the market under updated agreements, alongside ongoing development at Sukari mine.

The minister affirmed Egypt’s commitment to expanding African partnerships, with companies like Petrojet, Enppi, Echem, and San Misr well-positioned to grow their operations across the continent.

In conclusion, Badawi urged sector employees to embrace responsibility, initiative, and innovation, underlining the need for institutional teamwork over individual effort. He reaffirmed the ministry’s commitment to merit-based leadership selection and developing new mechanisms to support human capital and corporate financing, especially for the General Petroleum Company.

The meeting was attended by senior officials, including Deputy Minister Eng. Moataz Atef, Head of the Minister’s Office and Technical Bureau, and Mr. Ahmed Randi, Head of Central Communications at the Ministry.