Karim Badawi, Minister of Petroleum and Mineral Resources, stated that the sector has successfully reduced partners’ dues from $6.1 billion in July 2024 to approximately $1.3 billion at present, during his speech at the opening of the ninth edition of the Egypt Energy Show (EGYPES 2026).

He added that coordination is underway to settle all remaining duesby June 30, emphasizing that this progress reflects a restoration of partners’ confidence and encourages them to inject further investments.

He noted that these efforts have led to 83 new oil and gas discoveries and the addition of 363 wells to the production map.

In addition, investments worth $6.5 billion were made during the 2024/2025 fiscal year in exploration and production activities, alongside the launch of seismic survey programs and an international bid round in the Red Sea.

He further explained that expansion plans are ongoing, with 101 exploratory wells scheduled to be drilled during the current year at investments totaling $1.3 billion.

 This is part of a broader plan targeting the drilling of 484 wells by 2030, aimed at boosting production and enhancing the sector’s attractiveness. These efforts run in parallel with the development of the refining sector to maximize local production of gasoline and diesel.

The minister affirmed the petroleum and mineral resources sector’s commitment to continuing efforts to increase domestic production, provide a stable and attractive investment environment, and strengthen partnerships that support development plans.

He also expressed his appreciation to the sector’s workforce for their efforts and their role in achieving these successes.