Karim Badawi
The minister emphasized Egypt’s goal to transform its mining sector, noting its current contribution of approximately 1 percent to the national GDP
Petroleum Minister Badawi stated, “We are actively collaborating with our partners to foster an environment that encourages expanded production from existing fields and enhances exploration and supply to markets.”
Minister of Petroleum, Karim Badawi, stated that these MoUs are designed to attract investments through the Egypt Exploration and Production Gateway, promoting available opportunities in the sector.
During the opening session of the Mediterranean Energy Conference 2024, Badawi stressed the importance of collaboration in the energy sector, calling for increased exploration and investment to tap into Egypt's vast natural gas reserves
These agreements are designed to enhance collaboration in key areas such as operational safety, energy efficiency, carbon reduction, and the transportation of natural gas and hydrogen.
He underscored the potential for exchanging expertise between Egypt’s petroleum sector and the Greek group to address the energy needs of both nations.
The company also boosted its reserves by 9.2 million barrels of oil equivalent through extensive exploration and development activities.
Badawi affirmed his confidence in the state’s potential to achieve its objectives in maximizing the utilization of natural resources, aiming to solidify Egypt’s position as a regional energy hub.
During the General Assembly of the Egyptian Natural Gas Holding Company (EGAS), which focused on the financial results for the fiscal year 2023/2024, the EGAS head shared the biggest achievements in the sector.
Despite these increases, the state continues to subsidize butane, with actual costs estimated at LE 200 for household cylinders and LE 450 for commercial use
This move, confirmed by a government source speaking to Asharq Bloomberg, follows BP's hefty investment of over $400 million in drilling two wells in the fiscal year 2024\2025.
This endeavor aligns with the Ministry's strategy to attract new investments to Egypt by leveraging opportunities in gas and oil exploration.
The corporation aims to accelerate drilling endeavors upon the arrival of the drilling team in October.
Their focus was on ramping up exploration efforts, augmenting petroleum production, and ensuring the fulfillment of local market demands.
Minister Badawi, in turn, underscored Egypt's substantial potential in mining and petrochemicals, stressing the nation's capability to enhance its economic standing and reduce import dependencies.
The Minister emphasized the importance of addressing current challenges comprehensively, with the goal of increasing production, bridging gaps, and transitioning towards a green economy.
Badawi also emphasized that these efforts are pivotal to Egypt's sustainable development strategy, reflecting a proactive stance on climate action and energy transition
