Sisi instructs advancing gas discoveries, attracting foreign investments in petroleum sector

CAIRO – 16 March 2025: President Abdel Fattah El-Sisi emphasized the importance of making every effort to advance new gas explorations as he reviewed ongoing drilling activities aimed at boosting the nation’s petroleum and gas reserves.

During a meeting on Sunday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, Sisi instructed continued efforts to attract more foreign investments in the petroleum sector to meet rising local demand.

He highlighted the incentives provided by the state to develop gas fields and intensify exploration and production processes, the Egyptian Presidency said in a statement.

The meeting addressed new drilling and exploration activities, particularly in the Fayoum 5 oil and gas field, and highlighted several recently signed agreements to advance exploration efforts.

CYPRUS GAS AGREEMENTS

Discussions also covered cooperation with Cyprus in the gas sector, focusing on maximizing benefits from discovered gas reserves in Cyprus's Exclusive Economic Zone, particularly in the Cronos and Aphrodite fields.

This cooperation enables the transportation of discovered gas from Cypriot waters to Egypt, either for utilization in the domestic market or for liquefaction and export to global markets, the Presidency said.

During the Egypt Energy Show (EGYPES) 2025 held in Cairo last February, Egypt and Cyprus signed agreements allowing for the export of gas from the Cypriot offshore fields of Cronos and Aphrodite to Egyptian facilities.

The Cypriot gas will be liquified through the existing Egyptian infrastructure, allowing for subsequent export to Europe.

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Egyptian President Abdel Fattah El-Sisi and Cypriot President Nikos Christodoulides attended the Egypt International Energy Conference (EGYPS 2025) in Cairo, where they witnessed the signing of two key agreements between Egypt and Cyprus. These agreements…

— Egypt Today Magazine (@EgyptTodayMag) February 18, 2025

Egypt strives to process gas from Eastern Mediterranean discoveries, supply it to the domestic market, and re-export it to Europe, thereby strengthening its position as a major energy player in the region.

Sisi and state officials also discussed energy cooperation with Saudi Arabia, including the memorandum of understanding signed between the two countries during EGYPES 2025.

The President directed honoring financial obligations to oil and gas companies operating in Egypt and meeting commitments towards them, which would encourage increased local production of oil and gas.

He also ordered the provision of incentives to accelerate energy field development and production activities while conducting new explorations.

During the meeting, Badawi briefed the president on the nation’s strategic petroleum reserves, aimed at ensuring the needs of citizens are met.

The minister says a future increase in local production will help boost strategic reserves, according to the statement.