President Abdel Fattah El-Sisi on Tuesday reviewed Egypt’s oil and natural gas production, strategic fuel reserves and plans to ensure stable supplies during his meeting with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Karim Badawi in Alamein.
The meeting addressed the latest production figures from exploration areas across the country, as well as the availability of strategic reserves of petroleum products and plans to secure future supplies for productive and service sectors, Presidency Spokesman Ambassador Mohamed El-Shennawy said.
Minister Badawi offered an overview of crude oil and natural gas production indicators under Egypt’s five-year production plan, which includes seismic surveys, advanced technologies, new contracting mechanisms and the development of untapped discoveries.
Egypt aims to double its production of oil and petroleum condensates and strengthen its position as a regional hub for petroleum-product trading, gas liquefaction and exports, Badawi added.
He also reviewed intensified exploration, development and production activities, including new projects and wells expected to come online through December 2026, alongside efforts to improve the efficiency of the natural gas system and strengthen energy security.
Egypt has been encouraging international companies to increase investments following the settlement of overdue payments to foreign partners and the regular payment of current dues, he noted.
Meanwhile, the discussions touched on the strategic oil and gas projects, Mediterranean exploration and regional co-operation, including Eni and TotalEnergies’ final investment decision to develop Cyprus’s Cronos gas field and connect it to Egypt’s infrastructure.
Badawi revealed that six refinery development projects worth more than $4 billion have been planned to boost production, increase added value and reduce fuel import costs.
President Sisi stressed the need of providing necessary incentives to encourage further exploration and field development, as well as for clear implementation programmes and measurable performance indicators, Spokesman El-Shennawy noted.
The president also gave commands to maximise the added value of mineral resources and increase their contribution to the national economy.
