Karim Badawi
The discovery was made in an offshore concession operated by Italy’s Eni in partnership with Britain’s BP, the Ministry of Petroleum and Mineral Resources reported on Saturday.
Ministers say Egypt has months of health inputs, secured energy supply, and safe strategic food reserves amid regional tension.
El-Sisi reviews plans to boost oil and gas output as Egypt expands horizontal drilling and hydraulic fracturing.
Badawi said the platform will cover all stages of engagement with mining investment opportunities, starting from expressions of interest and moving through evaluation and assessment procedures, to the full electronic issuance of licenses.
Sisi emphasized Egypt’s commitment to honor these dues, which is essential to strengthening the state's credibility and reinforcing confidence in the country’s investment environment.
During a meeting held Sunday with Electricity Minister Mahmoud Esmat and Petroleum Minister Karim Badawi, the Prime Minister reviewed national readiness to handle peak seasonal demand.
The facility, managed by GASCO, plays a crucial role in distributing gas nationwide and safeguarding supply to key sectors such as electricity generation, manufacturing, and residential use.
In his remarks, Minister Badawi reaffirmed the government’s commitment to enhancing the mining industry’s contribution to Egypt’s GDP, with a target increase from the current 1% to between 5% and 6%
The meeting also highlighted the progress of establishing a mining school in Egypt, designed to train local youth in mining skills. The school, initiated by Centamin, is scheduled to begin operations in September 2025.
It aims to address the urgent gas supply needs of Jordan, especially as the country continues to develop its LNG infrastructure, and will help mitigate costs for both countries.
The minister emphasized Egypt’s goal to transform its mining sector, noting its current contribution of approximately 1 percent to the national GDP
Petroleum Minister Badawi stated, “We are actively collaborating with our partners to foster an environment that encourages expanded production from existing fields and enhances exploration and supply to markets.”
Minister of Petroleum, Karim Badawi, stated that these MoUs are designed to attract investments through the Egypt Exploration and Production Gateway, promoting available opportunities in the sector.
During the opening session of the Mediterranean Energy Conference 2024, Badawi stressed the importance of collaboration in the energy sector, calling for increased exploration and investment to tap into Egypt's vast natural gas reserves
These agreements are designed to enhance collaboration in key areas such as operational safety, energy efficiency, carbon reduction, and the transportation of natural gas and hydrogen.
He underscored the potential for exchanging expertise between Egypt’s petroleum sector and the Greek group to address the energy needs of both nations.
The company also boosted its reserves by 9.2 million barrels of oil equivalent through extensive exploration and development activities.
Badawi affirmed his confidence in the state’s potential to achieve its objectives in maximizing the utilization of natural resources, aiming to solidify Egypt’s position as a regional energy hub.
During the General Assembly of the Egyptian Natural Gas Holding Company (EGAS), which focused on the financial results for the fiscal year 2023/2024, the EGAS head shared the biggest achievements in the sector.
Despite these increases, the state continues to subsidize butane, with actual costs estimated at LE 200 for household cylinders and LE 450 for commercial use
