During the first dialogue session at the 10th Egypt Oil and Gas Foundation Conference, Minister of Petroleum and Mineral Resources Karim Badawi announced that Egypt has introduced 61 lucrative investment opportunities to advance its petroleum and gas resource development. He highlighted Egypt's strategic advantages, including exceptional infrastructure in natural gas and petroleum and a prime geographic location.
Badawi noted that the petroleum sector currently contributes about 1 percent to Egypt’s GDP but has the potential to expand significantly to 5-6 percent in the medium term. He also reaffirmed Egypt’s commitment to achieving its renewable energy target, aiming for 42 percent of the energy mix by 2030.
The minister underscored the importance of regional collaboration to transform aspirations into tangible results, reinforcing Egypt’s position as a regional energy hub. He emphasized the role of Egypt’s advanced infrastructure and partnerships with Cyprus and global energy companies in utilizing current and future gas discoveries, with a focus on re-export or adding value to the domestic market.
Badawi stressed the sector’s focus on reducing production costs to enhance output. The Egyptian Upstream Gateway (EUG) facilitates this by providing diverse investment opportunities and creating new operational areas for partners, allowing them to benefit from cost-efficient infrastructure.
He concluded by highlighting the government’s commitment to settling financial obligations to its partners, ensuring transparency and building confidence to attract further investments.
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