President Abdel Fattah El Sisi’s directive to settle outstanding dues to oil and gas partners sends a strong message of confidence to investors in Egypt’s energy sector. The step aims to encourage new investments, increase discoveries, and boost domestic production to help reduce reliance on gas imports, particularly amid global challenges.
Minister of Petroleum and Mineral Resources, Karim Badawi made the remarks during a general assembly meeting of the Egyptian Natural Gas Holding Company (EGAS) on Friday. During the meeting, he approved the company’s budget for the 2026/2027 fiscal year (FY).
Badawi has said the ministry is adopting flexible economic models to market new exploration blocks, making Egypt’s oil and gas sector more attractive to international companies. He also stressed the key role of EGAS in ensuring stable gas supplies for electricity generation, industry, and households, while calling for faster connection of new wells and increased maintenance ahead of the summer season.
For his part, Said Saleem, Managing Director of EGAS, said the company plans to launch a new gas exploration bidding round in the Mediterranean in 2026. The plan includes drilling 17 exploratory wells and starting the first phase of a seismic survey project in the Eastern Mediterranean in the second half of the year.
Saleem added that EGAS aims to complete six new development projects and continue three ongoing ones, with 51 new wells scheduled to be connected to the production network in FY 2026/2027. He also noted that 385,000 households were connected to the natural gas grid during the first half of the current fiscal year, with a target of reaching 800,000 homes by the end of FY 2026/2027.
