Al-Sisi Reviews Oil, Gas Exploration Progress

2025-03-16 02:03:10

(MENAFN- Daily News Egypt) President Abdel Fattah Al-Sisi held a meeting on Sunday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi to assess Egypt's latest oil and gas exploration and drilling activities.

Presidential Spokesperson Mohamed El-Shenawy stated that the discussions focused on the progress of new projects, particularly the Fayoum 5 oil and gas field in the King Mariout area, as part of Egypt's ongoing efforts to enhance energy reserves.

Minister Badawi provided an overview of recently signed agreements that have facilitated expanded exploration and research initiatives. In response, President Al-Sisi stressed the need to accelerate exploration efforts to reinforce Egypt's energy security.

El-Shenawy further noted that the government is actively providing incentives to expedite field development, enhance production, and attract further foreign investment in the petroleum sector to meet the nation's growing energy demands.

The meeting also included a briefing on Egypt's strategic petroleum reserves to ensure a stable supply for the upcoming summer season. The minister emphasized that increased domestic production in the coming months would help strengthen these reserves.

Additionally, the discussions covered bilateral cooperation with Cyprus in the gas sector, particularly regarding the development of the Kronos and Aphrodite fields within Cyprus' exclusive economic zone. Plans were reviewed to transport Cypriot gas to Egypt for domestic use or liquefaction before being exported to global markets.

The meeting also addressed Egypt-Saudi Arabia energy cooperation, including follow-ups on the memorandum of understanding signed during the Egypt 2025 Conference in Cairo last February.

El-Shenawy added that President Al-Sisi reaffirmed Egypt's commitment to honoring financial obligations to oil and gas companies operating in the country. This move aims to encourage further investment, accelerate field development, and increase production, reinforcing Egypt's role as a regional energy hub.

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