(MENAFN- Daily News Egypt) Egypt is experiencing an acceleration in oil and gas exploration and production, according to Minister of petroleum and Mineral Resources Karim Badawi. Speaking at a ceremony marking the 49th National Petroleum Day on 17 November, Badawi attributed the growth to the sector's incentive packages designed to attract investment.
He also noted significant collaboration between the petroleum sector and both international and Egyptian investors to capitalise on new opportunities and boost production and reserves. The National Petroleum Day commemorates the 1975 recovery of Egypt's Sinai oil fields.
Badawi highlighted increased activity from international energy companies. He cited several examples, including Chevron's commencement of new gas exploration well drilling in the West Mediterranean; ExxonMobil's planned drilling start next month; BP's ambitious drilling programme; and the initiation of seismic surveys in the West Mediterranean to identify further opportunities.
Moreover, he expressed gratitude to Egyptian businesspeople and investors who responded to the ministry's September initiative aimed at attracting domestic capital to oil and gas exploration and research.
Badawi explained that these developments are in line with the ministry's ongoing strategy, which he detailed through six key pillars:
First, the ministry prioritises meeting citizens' petroleum and gas needs by maximising exploration and production efforts.
Second, the strategy focuses on leveraging Egypt's existing petroleum refining and petrochemical infrastructure, built up over decades, to operate at full capacity, thereby adding value and boosting the national economy.
Third, significant emphasis is placed on developing Egypt's mineral wealth, aiming to increase its contribution to the nation's gross domestic product (GDP) from the current 1% to between 5% and 6%. Badawi stressed the importance of utilising all available expertise and resources to achieve this transformation.
Fourth, the strategy prioritises the optimal restructuring of Egypt's energy mix. This involves collaboration with the Ministry of Electricity and Renewable Energy to increase the proportion of renewable and green energy, including hydrogen, to reduce carbon emissions. This will allow for the increased natural gas production to be used in value-added industries, such as petrochemicals, to meet domestic demand and enable the export of surpluses.
Fifth, the ministry prioritises occupational health and safety, environmental sustainability, and the development of human capital, recognising it as the sector's most valuable asset.
Sixth, the strategy emphasises integrated collaboration with various government bodies and ministries; with the House of Represent
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