Thursday 03 Apr
President Abdel Fattah El Sisi directed the immediate settlement of oil and gas companies' dues, ensuring fulfillment of obligations to boost domestic production. He also called for incentives to accelerate field development, production, and new explorations. This directive was issued during a meeting today, Sunday, with Prime Minister Dr. Moustafa Madbouly and Minister of Petroleum and Mineral Resources, Engineer Karim Badawy.
Mohamed El-Shennawy, the Presidential Spokesperson, reported that the meeting addressed exploration and new discoveries, with a focus on the Fayoum 5 oil and gas field in the King Mariout area, to increase Egypt's reserves.
The Minister of Petroleum reviewed new agreements that have
boosted research and exploration. The President urged intensified efforts in
new discoveries, highlighting state incentives for faster field development,
production, and exploration. He also reiterated the importance of attracting
foreign investment to satisfy growing domestic energy needs.
Mohamed El-Shennawy mentioned that the Minister of Petroleum
assessed the strategic petroleum product reserves in preparation for summer,
ensuring citizen needs are covered. He emphasized that future domestic
production increases will strengthen the reserve and strategic stock.
He added that the meeting reviewed gas cooperation with Cyprus, particularly maximizing the use of reserves from the Cronos and Aphrodite fields. This aims to facilitate the transfer of Cypriot gas to Egypt for domestic consumption or liquefaction and subsequent export. Furthermore, progress in energy cooperation with Saudi Arabia was discussed, in line with the EGYPS 2024 memorandum of understanding.
