Petroleum Minister Karim Badawi met with international partners to discuss boosting Egypt’s oil and gas output, announcing new incentives for horizontal drilling and hydraulic fracturing. He highlighted Egypt’s progress in reducing arrears to foreign partners from $6.1 billion in June 2024 to $714 million in April 2026, with plans to settle all dues by June.
Badawi urged partners to move forward with the five-year plan to maximize local production and reduce imports, noting that modern business models such as Integrated Project Management (IPM) and turnkey contracts (LSTK) will be applied. He also emphasized improving seismic surveys and data quality to support investment decisions and reduce risks.
The minister pointed to promising exploration areas in the Western Mediterranean, Red Sea, and southwest Western Desert, stressing Egypt’s commitment to faster approvals and streamlined procedures. Global companies praised Egypt’s transparency, flexible contracts, and incentives, saying these measures have enhanced the competitiveness of Egyptian concessions.
Badawi reaffirmed that safety remains a top priority and announced direct coordination with the Egyptian General Petroleum Corporation to simplify processes and sustain Egypt’s position as a regional energy hub.
