Ministry of Petroleum and Mineral Resources
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.
This production increase aligns with the government’s commitment to settle arrears owed to foreign oil companies before the fiscal year ends, encouraging these companies to ramp up drilling activities and accelerate the development of gas fields.
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
The decision aligns with the recent visit of Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, to Italy, aimed at strengthening collaboration between Egypt and Eni.
The electric logs of the well indicate the presence of petroleum shows in the Paleozoic formation, with a net pay thickness of 462 feet.
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.
The objective of this unit is to receive liquefied gas deliveries, convert them to gas, and integrate them into the national grid.
The focus is on optimizing resources within the petroleum sector to boost the trading of these vital commodities.
An extensive strategy is in progress to amplify production capabilities by the drilling of an additional 5 wells. The objective is to escalate the production rates of both the North Safa and Al Wasl fields to 15,000 barrels per day by the latter part of the upcoming year.
This move aims to integrate additional wells into the production system in the upcoming months, as per the source.
The evaluation transpired during a meeting between Karim Badawi, the Minister of Petroleum and Mineral Resources, and delegates from the aforementioned company.
