Egypt - Minister of Petroleum and Mineral Resources Karim Badawi met with senior executives from international oil companies operating in Egypt to discuss advancing drilling technologies and accelerating field development in line with global best practices, as part of a five-year strategy to double the country’s crude oil production.

During the meeting, Badawi highlighted the long-standing contributions of international oil companies to Egypt’s petroleum sector, noting their key role in boosting production over the past decades. He emphasized that Egypt has successfully moved beyond the decline phase in crude oil and natural gas production and has entered a period of production stability, supported by recently implemented incentives designed to raise output levels.

The minister also confirmed that outstanding financial dues owed to foreign partners have been settled under the ministry’s recovery plan, stressing that cooperation should now evolve toward a more advanced phase focused on achieving sustainable growth in production.

Badawi outlined the ministry’s primary strategic objective of doubling oil production within five years through enhanced collaboration with international partners. This goal will be pursued by expanding drilling programs and deploying state-of-the-art technologies, particularly horizontal drilling techniques.

He further underscored the importance of foreign partners investing in research and development to introduce innovative drilling solutions tailored to the geological and operational characteristics of Egypt’s petroleum sector.

To support these efforts, Badawi directed the development of updated contractual and technical mechanisms between the Egyptian General Petroleum Corporation (EGPC) and foreign partners. These include standardized contract models and clear frameworks for executing technical operations in oil fields, aimed at improving efficiency and maximizing production.

The meeting concluded with an agreement on a timeline to prepare an executive framework for boosting output through advanced global technologies and diversified drilling methods, with finalization expected by the end of the current month.

Representatives of the international oil companies commended the Ministry of Petroleum and Mineral Resources for its support of production expansion initiatives and reaffirmed their full commitment to implementing clear and effective mechanisms to increase output using the latest drilling and field development technologies.

© 2026 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).