Minister of Petroleum and Mineral Resources Karim Badawi announced on Monday a new five-year plan to increase oil and gas production, introducing innovative contract systems and modern drilling techniques to attract more investment.
In a statement issued by the ministry, Badawi said the plan includes new incentive-based contractual models designed to encourage both local and international companies to expand their activities in Egypt. The strategy also focuses on using non-traditional drilling methods and the latest production technologies.
The minister made the remarks during a high-level meeting with heads and representatives of international and local oil and gas companies operating in Egypt. Senior officials from the petroleum sector also attended the meeting, which reviewed the main features of the new plan and discussed ways to stimulate investment and increase reserves.
Badawi stressed the importance of technical and economic feasibility studies within the plan. He said such studies provide geological and financial data that help investors make clear and informed decisions.
He added that expanding the use of horizontal drilling and hydraulic fracturing, alongside the new contract systems, would open wider opportunities to achieve significant increases in production and reserves. He noted that several countries have successfully boosted their energy output through similar contractual frameworks.
The minister also reaffirmed the sector’s commitment to reducing outstanding dues to foreign partners and settling them in full. He said monthly payments are being made on time and that no future delays will be allowed.
