Egypt committed to expanding oil, gas sector: PM

Prime Minister Mostafa Madbouly has stressed Egypt's dedication to growing its oil and natural gas sector, identifying it as a cornerstone of the national economy and a key driver for energy security, investment, and economic expansion.

During a meeting with the Minister of Petroleum and Mineral Resources, Karim Badawi, Madbouly emphasized the need to boost domestic production, draw in more investment, and expedite exploration efforts to fully leverage the country's natural resources. Badawi provided an update on significant oil and gas projects underway with international partners, noting their expected contributions to increasing resource value, bolstering local industries, and expanding exports while reducing imports.

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The government's commitment to expanding Egypt’s oil and natural gas sector, describing it as a vital pillar of the national economy and a major driver of energy security, investment and economic growth.

Badawi highlighted the final investment decision by Eni and TotalEnergies to develop Cyprus's Cronos gas field, which will be processed and liquefied in Egypt before export to European markets. This initiative is set to reinforce Egypt's role as a regional energy hub. He also reported that Egypt's crude oil production has reached a two-year high, attributed to increased investment and exploration following the resolution of overdue payments to international energy firms.

Furthermore, the ministry has secured sufficient natural gas supplies for peak summer demand and is prepared for continued stable provision. A new natural gas discovery in the Western Desert, with an expected output of 40 million cubic feet per day, is anticipated to support Egypt's goals for increased domestic production and long-term energy security.

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The minister also welcomed the final investment decision (FID) by Eni and TotalEnergies to develop Cyprus’ Cronos gas field and connect it to Egypt’s energy infrastructure.