Egypt's Petroleum Minister, SLB discuss exploration and production support
The meeting with Jesus Lamas, SLB's regional president, and Sherif Bayoumy, the company's general manager for Egypt and the East Mediterranean, reviewed the petroleum sector's six-point strategy, which focuses on expanding exploration and development projects and increasing gas and oil production.
During the meeting, the minister highlighted SLB's role as a strategic partner in several initiatives, including the Egypt Upstream Gateway (EUG) digital platform and regional seismic survey projects in the Red Sea and the Gulf of Suez.
Badawi affirmed that the EUG platform helps attract investments by offering opportunities in various geological basins. He pointed to the results of recent investment opportunities announced by state oil and gas bodies and promoted through the gateway.
The discussion also covered the importance of using artificial intelligence and advanced digital technologies to support decision-making and improve operational efficiency.
The two sides discussed increasing cooperation on several key projects, including the seismic survey in the Red Sea and preparations for marketing activities for the area. They also explored the possibility of conducting new seismic surveys in the Gulf of Suez using Ocean Bottom Node (OBN) technologies.
The meeting also reviewed ways to cooperate on projects to develop and enhance production from mature fields, which is a priority for the coming phase, as well as carbon capture and storage (CCS) projects. The officials also agreed to coordinate on organising various technical workshops to support current petroleum activities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
10-08-2025
- Daily News Egypt
Banking consortium to finance $490m soda ash project in Egypt
A consortium of national and regional banks has signed a principles agreement to provide a $490m financing package for the Egyptian Soda Ash Company's new project in El Alamein, Egypt's petroleum ministry said on Sunday. The signing in the city of New Alamein was witnessed by Minister of Petroleum and Mineral Resources, Karim Badawi. The project, affiliated with the state-run Egyptian Petrochemicals Holding Company (ECHEM), aims to produce 600,000 tonnes of soda ash and its derivatives annually. The financial advisors for the project are a consortium of the National Bank of Egypt and the African Export-Import Bank (Afreximbank). The agreement was signed by Shaher Reda, chairman of the Egyptian Soda Ash Company, and officials from several participating banks, including Commercial International Bank (CIB), Arab African International Bank, National Bank of Kuwait, Banque du Caire, Export Development Bank of Egypt, Nxt, and QNB Alahli. Badawy said the project is part of the state's vision and the ministry's strategy to maximize added value for the national economy by meeting local market needs for these vital products and reducing the import bill. 'The project will contribute to enhancing the productive capacity of Egyptian chemical industries that use this material and open new horizons for export, in addition to providing direct and indirect job opportunities,' the minister said. He described the project as a qualitative leap towards localising soda ash industry technology in Egypt. The minister added that his ministry and ECHEM are ready to provide all support to expedite the project's implementation and thanked the participating banks for providing the necessary financing.
See - Sada Elbalad
01-08-2025
- See - Sada Elbalad
Egypt to Launch Nationwide Aerial Survey for Mineral Exploration
Taarek Refaat Egypt's Ministry of Petroleum and Mineral Resources is advancing plans to modernize its geological data infrastructure as part of a broader strategy to unlock the country's vast untapped mineral wealth and boost the mining sector's contribution to GDP. In a high-level meeting held Friday at the ministry's headquarters in the New Alamein government district, Petroleum and Mineral Resources Minister Karim Badawi met with representatives from Argas, Metatek, Excalibur, and Novia companies specializing in aerial and seismic survey technologies to discuss cooperation on a nationwide mineral exploration project. The initiative falls under the ministry's third strategic pillar, aimed at increasing mining's share in Egypt's GDP from less than 1% to between 5–6%, by maximizing the added value of the country's mineral resources. According to the ministry, the project will involve comprehensive aerial surveys and seismic imaging across Egypt's territory, creating an integrated national geological database to be made accessible to both domestic and international investors. 'The global interest in Egypt's mining sector continues to rise, driven by sweeping regulatory and structural reforms,' Minister Badawi said. 'We now have a supportive investment climate — backed by a modern legal framework, robust infrastructure, energy availability, and enhanced institutional capabilities.' Key reforms include the conversion of the Egyptian Mineral Resources Authority into an economic authority, and the overhaul of mining concession frameworks to align with international best practices. During the meeting, the companies shared case studies of mineral exploration projects in other countries, highlighting how modern survey and data analysis methods can lead to significant discoveries and investment inflows. Badawi stressed the strategic importance of accurate geophysical data in identifying promising mining zones and instructed the companies to develop a comprehensive, actionable plan, complete with short-, medium-, and long-term timelines and prioritized target areas for survey operations. The meeting was attended by senior government and industry figures, including Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Yasser Ramadan, head of the Egyptian Mineral Resources Authority (EMRA); and senior legal, technical, and aviation officials from the ministry and its affiliates. The proposed aerial survey is seen as a cornerstone of Egypt's bid to position itself as a regional mining hub, capitalizing on its geological diversity and strategic location connecting Africa, the Middle East, and Europe. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Daily News Egypt
27-07-2025
- Daily News Egypt
Petroleum Minister, IPIC chief discuss expanding local industry, investment in Egypt
Minister of Petroleum and Mineral Resources Karim Badawi met with Abdulkarim Abdullah Al-Mutawa, Chairperson of the International Pipe Industry Company (IPIC), to discuss strengthening local industrial capabilities and expanding investment in Egypt's petroleum sector. During the meeting, the two sides reviewed IPIC's activities, with particular focus on the company's factory in Port Said—established through joint Egyptian-Kuwaiti investments—as a successful model of industrial localization. The facility produces high-quality steel pipes and elbows used in oil and gas projects, infrastructure, transportation, and irrigation systems. Minister Badawi emphasized that promoting local industry is a national priority, given its critical role in reducing Egypt's import bill and increasing reliance on domestically manufactured components. He noted that the Ministry fully supports projects that contribute to industry localization, attract foreign and regional investment, and boost added value in the petroleum sector. 'The investment environment in Egypt is undergoing major positive transformations,' Badawi said, 'with significant incentives to encourage participation in energy, petroleum, and gas industries—particularly from Arab partners.' He added that the government is focused on offering promising investment opportunities while supporting the shift to renewable energy, including maximizing the use of natural gas in local manufacturing to generate greater economic returns. For his part, Al-Mutawa praised Egypt's investment climate and highlighted the strength of its engineering and technical workforce. He noted that IPIC's Port Said facility is fully operated by Egyptian professionals and benefits from the country's robust infrastructure, government support, and political stability—all essential ingredients for investment success. He also expressed appreciation for the ongoing support from the Ministry and Egyptian stakeholders, especially Petrojet, which played a key role in the project. The meeting concluded with both parties agreeing to explore further expansion opportunities in line with Egypt's strategy to enhance local manufacturing and reduce dependency on imports. The Kuwaiti delegation affirmed its interest in increasing investment in Egypt, citing the country's favorable conditions for long-term industrial growth.
