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Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held an extensive meeting with executives of international oil and gas companies operating in Egypt to discuss a five-year plan aimed at intensifying exploration and production activities and accelerating investment in the sector, the Egyptian Ministry of Petroleum stated.
The meeting focused on increasing work rates across exploration and production projects, alongside reviewing incentive measures designed to attract the investments required to implement the plan.
Badawi said the ministry is prioritizing incentives that support higher investment in crude oil exploration and production, while expanding the use of advanced techniques, including horizontal drilling and the development of unconventional resources.
He pointed to promising opportunities in areas that have not previously seen exploration activity, particularly in the western Mediterranean and parts of the Western Desert.
Moreover, the minister added that Egypt maintains a cooperative framework with international companies based on consensus and transparency.
He also underscored the role of modern technologies, including seismic surveys and artificial intelligence, in building comprehensive and reliable geological data to unlock new petroleum potential, increase reserves, and support higher production levels.
In a separate part of the discussion, Badawi highlighted the importance of continuous coordination and follow-up, noting that this cooperation helped the sector overcome electricity outages during last summer despite record levels of power consumption.
He stressed the need to sustain this level of coordination to maintain recent gains.
Badawi further emphasized the central role of human capital in achieving these results, describing workforce development as a cornerstone of the sector’s progress.
He expressed appreciation for employees’ continuous efforts to ensure the availability of gas and petroleum products, and concluded by stressing the importance of adhering to set timelines for implementing the strategic plan aimed at narrowing the gap between production and consumption.
