Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi discussed with Pascal Breant, Managing Director of TotalEnergies in Egypt and Cyprus, the company’s planned return to expanding natural gas exploration activities in Egypt, particularly in the Herodotus Basin in the Western Mediterranean, as per a statement.

The meeting followed discussions that began earlier this month on TotalEnergies’ interest in resuming broader natural gas exploration activity in Egypt.

Badawi welcomed TotalEnergies’ plan to expand its activities and investments in natural gas exploration in the Mediterranean, saying the Egyptian petroleum sector is working to provide attractive investment opportunities for strategic partners to intensify exploration activity.

He said natural gas exploration remains central to the ministry’s vision to gradually increase domestic production, adding that the Mediterranean region is among the ministry’s priorities in the coming phase.

Badawi also pointed to Egypt’s promising oil and gas potential, its strong infrastructure, and the sector’s accumulated expertise, saying these factors create new opportunities for cooperation with major international companies, including TotalEnergies.

The minister reaffirmed the state’s commitment to creating a favorable investment environment and providing incentives for partners, a step that would help attract more investments and accelerate work in the sector.

Breant expressed appreciation for the Ministry of Petroleum’s efforts to support partnerships with major international companies. He said TotalEnergies views Egypt as a strategic market and plans to strengthen its presence and investments in natural gas exploration, especially in the Mediterranean, given the region’s promising opportunities.

Both sides stressed the importance of accelerating ongoing discussions and continuing technical coordination in the coming period, ahead of signing a memorandum of understanding as soon as possible and starting the implementation of joint exploration projects.

It is worth noting that Badawi and Breant met on April 14th to discuss TotalEnergies' plan to expand investments in natural gas exploration in Egypt's Western Mediterranean, with a focus on the Herodotus Basin. At that time, both sides agreed to sign a framework cooperation agreement between the Egyptian Natural Gas Holding Company (EGAS) and TotalEnergies in the coming period.

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