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Middle East
22-05-2025
- Business
- Middle East
OPEN// Sisi underlines need to continue efforts to increase petroleum, gas production
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) S R E/
Egypt Today
22-05-2025
- Business
- Egypt Today
President Sisi emphasizes continued efforts to boost domestic oil, gas production
President El-Sisi gives a Speech on the 43th Anniversary of Sinai Liberation- press photo CAIRO – 22 May 2025: President Abdel Fattah El-Sisi met on Thursday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Karim Badawy, to discuss key energy sector developments. Ambassador Mohamed El-Shenawy, the official spokesperson for the Presidency, stated that the meeting addressed efforts to meet citizens' needs for petroleum products and the status of oil explorations and reserves. In this regard, the Minister of Petroleum highlighted new oil and gas discoveries made between July 2024 and May 2025. The meeting also reviewed preparations for the summer season, with President El-Sisi stressing the need to take all necessary measures in advance to ensure stable electricity supply, meet the electricity sector's needs, and maintain the power grid to guarantee readiness and stable electricity supply nationwide. The spokesperson added that the meeting covered the status of oil and gas contracts, efforts to increase domestic oil and gas production, seismic survey activities in various Egyptian regions, exploration plans, and developments in the activities of international oil and gas companies operating in Egypt. Discussions also focused on steps to expand regional cooperation in the oil and gas sectors in the coming period and the status of payments to international companies. President El-Sisi directed the intensification of efforts to ensure these payments are made. The meeting also addressed the recent gasoline supply issue. The Minister of Petroleum confirmed that the problem was dealt with promptly and that legal and administrative measures are being taken against those responsible. President El-Sisi stressed the need to hold those responsible accountable and take necessary measures to prevent recurrence. The meeting further discussed updates in the mining and mineral resources sector, including amendments to the Egyptian Mineral Resources Authority Law to ensure optimal exploitation of mineral resources and a comprehensive update of its organizational structure. This aims to facilitate licensing procedures to attract international mining companies, maximize state resources, and localize mining industries in Egypt. The Minister of Petroleum reviewed the state's efforts to create an attractive investment environment in the mining and mineral industries. President El-Sisi emphasized the necessity of continuing state efforts to boost domestic oil and gas production to meet development and consumption needs and reduce the import bill. He also directed the accelerated development of newly discovered wells and their integration into the production map, intensified exploration activities to increase domestic oil and gas production, the provision of incentives to expedite and intensify field development and production operations, and continued efforts to attract investments and remove obstacles facing investors in Egypt's oil, gas, and mining sectors.
