Egyptian President urges accelerated oil, gas discoveries, lower import bill
Presidential spokesperson Mohamed El-Shennawy said the minister presented the ministry's current strategy, which focuses on boosting exploration and production, maximising value through refining and petrochemical industries, and launching a new phase in mining to deepen its economic contribution.
The meeting reviewed government efforts to secure domestic energy needs, particularly for the electricity sector, alongside updates on exploration activities and newly added reserves. The minister reported significant achievements between July 2024 and June 2025, including a rise in domestic oil and gas output and successful measures to curb the natural decline in gas production.
Discussions also addressed steps to reduce outstanding payments to foreign partners and the ministry's ongoing commitment to settle monthly dues, aimed at fostering greater investment and accelerating project timelines.
Participants reviewed key infrastructure developments, notably the expansion of floating regasification unit capacity from 1,000 to 2,250 million cubic feet per day—strengthening supply security and emergency preparedness.
The meeting also discussed cooperation with Cyprus to diversify gas imports and advance Egypt's vision to become a regional gas trading hub. On the mining front, officials outlined plans to transform the Mineral Resources Authority into a commercially active entity, sign agreements with leading international companies, and establish value-added industries driven by national investment.
President Al-Sisi underscored the importance of sustaining an attractive investment environment, bolstering domestic oil and gas production to support national development, reduce the import bill, and ease pressures on citizens. He called for accelerating the connection of new discoveries to production, expanding exploration programmes, and offering additional incentives to spur growth in the petroleum and mineral resources sectors.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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