Oil & Gas

Egypt is witnessing a significant boost in oil and gas exploration and production, as announced by Minister of Petroleum and Mineral Resources, Karim Badawi. During a ceremony on November 17, marking the 49th National Petroleum Day, Badawi credited this growth to the sector’s incentive packages, which have been successful in attracting both international and local investment. He emphasized that the government's efforts have created a conducive environment for the expansion of Egypt's petroleum industry, helping to increase production and reserves.

Badawi also highlighted the strong collaboration between international energy companies and Egyptian investors, which has been instrumental in capitalizing on new exploration opportunities. He mentioned several key international players, such as Chevron, ExxonMobil, and BP, who are actively engaged in drilling and exploration projects across Egypt’s oil and gas fields. This includes Chevron’s new gas well drilling in the West Mediterranean, ExxonMobil’s upcoming drilling initiatives, and BP’s ambitious drilling programs. Additionally, seismic surveys are underway in the West Mediterranean to identify further exploration opportunities, reflecting the sector's growing momentum.

The minister also praised the support from Egyptian businesspeople and investors who responded to a September initiative aimed at encouraging domestic investment in oil and gas exploration. This initiative is part of the broader strategy to leverage Egypt's natural resources more effectively. Badawi explained that the government's approach includes optimizing existing petroleum refining and petrochemical infrastructure, as well as increasing the contribution of Egypt's mineral wealth to the national GDP, with a target of raising it from 1% to 5-6%.

Badawi outlined six key pillars of the ministry’s strategy to ensure long-term growth and sustainability in Egypt’s petroleum sector. These include prioritizing domestic energy needs, enhancing the energy mix with more renewable sources, improving occupational health and safety standards, and fostering integrated collaboration with other government agencies. The strategy also aims to reduce carbon emissions and increase the production of natural gas for value-added industries like petrochemicals. These efforts reflect Egypt’s commitment to both economic growth and environmental sustainability, as the country continues to expand its oil and gas sector.