OPEN// Sisi underlines need to continue efforts to increase petroleum, gas production

Middle East

22-05-2025

CAIRO, May 22 (MENA) - President Abdel Fattah El Sisi underlined on Thursday the importance of continuing State efforts to enhance local production of petroleum and natural gas in order to secure development and consumption needs and reduce import bill.
He directed the government to accelerate the development of newly discovered wells and incorporate them into the national production map while intensifying exploration and drilling activities.
Sisi made the directives during a meeting with Prime Minister Mostafa Madbouli and Minister of Petroleum and Mineral Resources Karim Badawi.
The president also called for offering incentives to speed up the development of oil and gas fields, encouraging new discoveries, and working to attract further investment by removing obstacles facing investors in Egypt's oil, gas, and mining sectors.
Presidential Spokesman Mohamed el Shennawi said the meeting reviewed national efforts to secure petroleum products for the local market and discussed the status of recent oil and gas discoveries made between July 2024 and May 2025.
Preparations for the summer season were also discussed with President Sisi underlining the importance of taking proactive measures to ensure stable electricity supply, maintain the readiness of the national grid, and meet demand across all governorates.
Discussions also covered contracts brokered in the oil and gas sector, updates on seismic survey activities, exploration plans, and the operations of international companies working in Egypt.
The meeting addressed Egypt's plans to expand regional cooperation in oil and gas, and reviewed progress on paying dues to foreign partners.
As regards recent problem related to gasoline supply, the petroleum minister said that the matter was promptly handled and all legal and administrative measures were taken against those responsible.
President Sisi called for firm action to prevent a recurrence of such incidents.
The president was briefed on proposed amendments to the Egyptian Mineral Resources Authority Law aimed at optimizing resource utilization, streamlining licensing procedures and conducting a comprehensive restructuring of the authority to attract international companies operating in the field.
The petroleum minister outlined current efforts to create an attractive investment climate for the mining sector, underscoring its growing role in the national economy. (MENA)
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