CAIRO - 7 July 2026: Egypt has secured commitments exceeding $17 billion in new foreign investment for its petroleum sector over the next five years, Minister of Petroleum and Mineral Resources Karim Badawi announced.
The ministry has also made 62 investment opportunities available through the Egypt Upstream Gateway, as part of efforts to expand exploration activity and attract new international partners.
Speaking during a meeting with members of the Coordination of Youth Parties and Politicians, Badawi said nine seismic survey programmes are currently being implemented to identify new exploration prospects. Two additional projects are being prepared in the Eastern Mediterranean and West Assiut.
He said ongoing cooperation with international partners has already delivered new exploration results, including the Denise discovery in the Mediterranean and a newly discovered well in West Abu Madi in the Delta. Badawi also noted that TotalEnergies has resumed natural gas exploration activities in Egypt.
The minister said the ministry’s current priorities include increasing domestic production to meet energy demand, expanding refining and petrochemical capacity, and improving the value generated from Egypt’s mining sector.
He added that the strategy also focuses on developing a more balanced energy mix, strengthening energy efficiency and environmental protection, enhancing regional energy cooperation, and supporting plans to bring Cypriot gas to Egypt.
Badawi stressed that closer integration between petroleum, electricity and renewable energy sectors is essential to building a sustainable energy system. Expanding renewable energy, he said, can reduce dependence on natural gas while supporting the future production of green fuels, particularly green hydrogen.
He also highlighted Egypt’s potential in petrochemicals and fertilisers, describing both sectors as important to strengthening energy security and increasing export value.
According to Badawi, improved payment discipline and the settlement of outstanding dues to foreign partners have helped restore investor confidence. He said this has encouraged companies to increase investment, supported the recovery of exploration activity and helped halt the previous decline in production.
The minister added that the government is continuing to focus on production growth, investment attraction and the more efficient use of mineral resources, with stronger coordination between state institutions playing a central role in achieving sustainable development.
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