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Egypt Today
16-03-2025
- Business
- Egypt Today
Sisi instructs advancing gas discoveries, attracting foreign investments in petroleum sector
Egyptian President Abdel Fattah El Sisi meets with Prime Minister Mostafa Madbouly (L) and Minister of Petroleum and Mineral Resources Karim Badawi (R), 16 March 2025 – Presidency CAIRO – 16 March 2025: President Abdel Fattah El-Sisi emphasized the importance of making every effort to advance new gas explorations as he reviewed ongoing drilling activities aimed at boosting the nation's petroleum and gas reserves. During a meeting on Sunday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, Sisi instructed continued efforts to attract more foreign investments in the petroleum sector to meet rising local demand. He highlighted the incentives provided by the state to develop gas fields and intensify exploration and production processes, the Egyptian Presidency said in a statement. The meeting addressed new drilling and exploration activities, particularly in the Fayoum 5 oil and gas field, and highlighted several recently signed agreements to advance exploration efforts. CYPRUS GAS AGREEMENTS Discussions also covered cooperation with Cyprus in the gas sector, focusing on maximizing benefits from discovered gas reserves in Cyprus's Exclusive Economic Zone, particularly in the Cronos and Aphrodite fields. This cooperation enables the transportation of discovered gas from Cypriot waters to Egypt, either for utilization in the domestic market or for liquefaction and export to global markets, the Presidency said. During the Egypt Energy Show (EGYPES) 2025 held in Cairo last February, Egypt and Cyprus signed agreements allowing for the export of gas from the Cypriot offshore fields of Cronos and Aphrodite to Egyptian facilities. The Cypriot gas will be liquified through the existing Egyptian infrastructure, allowing for subsequent export to Europe. Egyptian President Abdel Fattah El-Sisi and Cypriot President Nikos Christodoulides attended the Egypt International Energy Conference (EGYPS 2025) in Cairo, where they witnessed the signing of two key agreements between Egypt and Cyprus. These agreements… — Egypt Today Magazine (@EgyptTodayMag) February 18, 2025 Egypt strives to process gas from Eastern Mediterranean discoveries, supply it to the domestic market, and re-export it to Europe, thereby strengthening its position as a major energy player in the region. Sisi and state officials also discussed energy cooperation with Saudi Arabia, including the memorandum of understanding signed between the two countries during EGYPES 2025. The President directed honoring financial obligations to oil and gas companies operating in Egypt and meeting commitments towards them, which would encourage increased local production of oil and gas. He also ordered the provision of incentives to accelerate energy field development and production activities while conducting new explorations. During the meeting, Badawi briefed the president on the nation's strategic petroleum reserves, aimed at ensuring the needs of citizens are met. The minister says a future increase in local production will help boost strategic reserves, according to the statement.
Egypt Today
06-03-2025
- Business
- Egypt Today
Egypt Accelerates Oil and Gas Investments, Saving $1.5 Billion in Imports
CAIRO – 6 March 2025: Minister of Petroleum and Mineral Resources, Karim Badawi, highlighted the government's proactive efforts over the past eight months to stimulate investment in the oil and gas sector. These initiatives have significantly expedited drilling and production operations, leading to a substantial reduction in import costs—saving Egypt $1.5 billion in just six months. During a meeting with members of the House of Representatives and the Senate, Badawi explained that these efforts have fueled exploration activities, resulting in major discoveries in the West Mediterranean and King Mariout regions. These findings align with Egypt's strategic objective of boosting domestic production and minimizing dependence on imports. The minister also emphasized the success of the Egypt International Energy Conference (EGYPS 2025), which has reinforced global interest in Egypt's energy sector. Numerous international companies have expressed optimism about investment opportunities in oil, gas, and renewable energy. Reaffirming Egypt's commitment to fostering a favorable investment climate, Badawi underscored the country's strong economic fundamentals and ongoing reforms that continue to enhance the attractiveness of its energy market. These efforts position Egypt as a key hub for strategic energy investments.
Egypt Today
18-02-2025
- Business
- Egypt Today
Egypt, Greece Partner for Carbon Capture and Storage at EGYPS 2025
CAIRO - 18 February 2025: At the Egypt International Energy Conference (EGYPS 2025), Egypt's Ministry of Petroleum and Mineral Resources signed a Memorandum of Understanding (MoU) with Greece's Ministry of Environment and Energy to advance collaboration on carbon capture, storage, and utilization (CCUS). This partnership is aimed at reducing carbon emissions from the energy sector and promoting the transition to a low-carbon economy. The MoU was signed by Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, and Theodoros Skylakakis, Greece's Minister of Environment and Energy. The agreement seeks to facilitate knowledge exchange between the two countries on carbon capture and storage (CCS) technologies, focusing on developing regulatory frameworks to govern the implementation of CCS. These frameworks will ensure that projects comply with environmental standards and legislation. Additionally, the collaboration will enable Egypt to benefit from Greece's expertise in structuring its own regulatory framework for CCS. The agreement also includes economic modeling for carbon capture applications, feasibility studies, and exploration of potential uses for CO₂ in industrial applications that support the transition to a sustainable economy. During the signing, the ministers discussed the next steps for cooperation on CO₂ storage, with Karim Badawi emphasizing the importance of an integrated approach in partnership with Egypt's Ministry of Environment. Badawi noted that this collaboration will create new opportunities for regional cooperation, helping to accelerate efforts to address climate change and transition to cleaner energy solutions.
