PM Madbouli reaffirms support for energy investments
Prime Minister Moustafa Madbouli reaffirmed the government’s full support for efforts aimed at attracting further investments in oil and gas exploration through a package of incentives and facilitation measures offered to international partners.
The reaffirmation was made during Madbouli’s attendance on Wednesday at the signing ceremony of a memorandum of understanding (MoU) between Egypt’s petroleum sector and TotalEnergies to expand natural gas exploration activities in the western Mediterranean region.
Madbouli stressed that these efforts would help drive the investments needed to achieve new discoveries and develop existing fields, thereby boosting domestic production and reducing Egypt’s energy import bill.
The signing ceremony was attended by Minister of Petroleum and Mineral Resources Karim Badawi.
The MoU was signed by Sayed Selim, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), and Pascal Breant, General Manager of TotalEnergies in Egypt and Cyprus.
Badawi said the memorandum establishes a framework for technical co-operation between the two sides, including preliminary gas exploration studies and subsea technical assessments. He noted that the agreement would pave the way for practical exploration activities in the region while helping reduce investment risks in the sector.
The minister welcomed TotalEnergies’ return to gas exploration activities in Egypt, describing the partnership with the global energy major as one of the key outcomes of the ministry’s efforts to create a more attractive investment climate through diversified incentives, flexible frameworks, and the settlement of partners’ dues.
“These measures have restored the confidence of international companies and encouraged them to expand exploration, field development, and drilling activities in support of increasing domestic production and securing local market needs,” Badawi said.
He added that the Mediterranean region remains at the forefront of the ministry’s priorities for expanding gas exploration activities, given its significant untapped potential, coupled with Egypt’s strong infrastructure and accumulated expertise that position the country to strengthen co-operation with leading international energy companies in this field.
