Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, revealed that the period from July 2024 to June 2026 witnessed the commissioning of 591 new wells and the achievement of 113 discoveries, as part of the move to support domestic production and offset the natural decline of fields, in parallel with expanding exploration activities, developing existing fields, and refining investment models to support the injection of new investments.
He pointed out that the global energy industry faces mounting challenges driven by geopolitical tensions, market volatility, and pressures associated with securing energy supplies, stressing that Egypt has managed the challenges facing the sector through the integration of governmental efforts, the support of the political leadership, and close cooperation with investment partners.
This came during the inauguration by the Minister of Petroleum and Mineral Resources of the Mediterranean Offshore Petroleum Conference and Exhibition (MOC 2026) at the Bibliotheca Alexandrina under the slogan "Egypt is a pillar of energy security in the Mediterranean region," with the participation of George Papanastasiou, Minister of Energy of Cyprus (Note: keeping original name or translating? Let's use Michael Damianos as translated in text), Michael Damianos, Minister of Energy of Cyprus, Engineer Ayman Attia, Governor of Alexandria, Ambassador Nikolaos Papageorgiou, Ambassador of Greece to Egypt, a number of members of the House of Representatives and the Senate, leaders of the Egyptian petroleum sector, and heads and officials of major international energy companies operating in the Mediterranean region.
Badawy emphasized in his opening speech the successful settlement of all overdue arrears to investment partners in exploration and production activities, which amounted to approximately USD 6.1 billion more than two years ago, paving the way for a new phase of partnership based on mutual trust and commitment, and enhancing the sector's ability to attract investments and accelerate the development of oil and gas resources.
Priority given to increasing domestic production, accelerating discovery development, and maximizing utilization of existing fields
He stressed that the priority during the upcoming phase is to continuously increase domestic production, accelerate the development of discoveries, maximize the utilization of existing fields, apply the latest technologies, and develop contractual and economic models that achieve an appropriate return for both the investor and the State, supporting the long-term sustainability of investments.
Badawy added that Egypt's message to its partners and investors is to work towards providing a more stable and clear investment environment, fostering trust and commitment, and offering competitive opportunities based on mutual interests, thereby translating promising opportunities into actual projects and additional production.
Egypt possesses integrated components to enhance its position in the regional energy market
The Minister affirmed that Egypt possesses key components to strengthen its role as a pivotal energy hub in the Mediterranean region, leveraging its distinguished geographical location, gas transmission networks, processing facilities, and the two liquefied natural gas (LNG) export plants in Idku and Damietta, alongside its capabilities in refining and petrochemical activities.
He stressed that possessing infrastructure represents an important advantage, but it alone is not sufficient to build a sustainable regional energy hub; rather, it requires continuous investment, highly efficient operations, competitive commercial agreements, and regional cooperation that achieves optimal utilization of available resources.
Broad opportunities to enhance cooperation with Cyprus, Greece, Italy, and Libya
The Minister of Petroleum noted the existence of broad opportunities to enhance cooperation with Cyprus, Greece, Italy, and Libya through the development of practical projects linking regional resources with Egyptian infrastructure and consuming markets, thereby supporting the economic viability of projects and reinforcing regional energy security.
He explained that the focus during the upcoming phase is on shifting from reviewing potential to implementing projects, from discoveries to production, and from investment opportunities to successful partnerships with a tangible economic return, while giving priority to executable projects and well-studied commercial opportunities that serve the interests of all parties.
The future of the petroleum sector extends to maximizing value addition from natural resources
The Minister affirmed that the future of the petroleum sector is not limited to increasing oil and gas production, but extends to maximizing value addition from natural resources, pointing out that natural gas, alongside its role in providing energy, represents a fundamental raw material for the petrochemical and fertilizer industries.
He explained that the integration between energy production and industry opens broader horizons for localizing industries, increasing employment opportunities, boosting exports, and achieving a greater economic return from local resources.
He added that modern technology and artificial intelligence provide significant opportunities to improve exploration results, reduce costs, raise operational efficiency, and enhance the economic viability of projects.
Alexandria houses 4 oil refineries representing approximately 45% of Egypt's total refining capacity
He explained that Alexandria encompasses gas production projects in North Alexandria and West Deep Delta, the Western Desert Gas Complex, and the Midor, Alexandria, and Ameria refineries, alongside petrochemical complexes, pointing out that the governorate houses four oil refineries accounting for approximately 45% of Egypt's total refining capacity, in addition to five petrochemical complexes.
The Minister of Petroleum emphasized that the integration of these activities allows for the transformation of energy resources into higher value-added products and supports growth opportunities.
He expressed his aspiration to benefit from the international expertise participating in the conference through knowledge sharing, technology transfer, the development of technical and economic solutions, and the building of new partnerships that contribute to the implementation of projects yielding tangible results.
