Prime Minister Mostafa Madbouly reaffirmed 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.
During a meeting in New Alamein City with Minister of Petroleum and Mineral Resources Karim Badawi, Madbouly stressed the importance of increasing domestic production, attracting more investment and accelerating exploration activities to maximize the country’s natural resources.
Badawi reviewed progress on several strategic oil and gas projects being carried out with international energy companies. He said these projects are expected to increase the value of Egypt’s natural resources, support local industries, reduce imports and expand exports.
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. Under the project, gas from the Cypriot field will be transported to Egypt for processing and liquefaction at the Damietta LNG plant before being exported to European markets, further strengthening Egypt’s position as a regional energy hub.
For his part, Badawi said that Egypt’s crude oil production has reached its highest level in two years, driven by higher investment and expanded exploration following the settlement of overdue payments to international energy partners.
He added that the ministry successfully secured natural gas supplies during the recent period of peak electricity demand caused by high summer temperatures and has completed preparations to ensure stable supplies throughout the rest of the summer.
The minister also announced a new natural gas discovery in the Western Desert through the deep exploratory Wanda well, which is expected to produce around 40 million cubic feet of gas per day, supporting Egypt’s plans to increase domestic production and strengthen long-term energy security.
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