Egypt Vows to Boost Oil and Gas Sector Amid New Discovery
The Egyptian government is committed to expanding its oil and natural gas sector, according to Prime Minister Mostafa Madbouly. The sector is a vital pillar of Egypt's national economy and a major driver of energy security, investment, and economic growth.
Madbouly emphasized the importance of increasing domestic production, attracting more investment, and accelerating exploration activities to maximize the country's natural resources. He met with Minister of Petroleum and Mineral Resources Karim Badawi in New Alamein City to discuss the sector's progress.
Badawi reviewed several strategic oil and gas projects being carried out with international energy companies, including Eni and TotalEnergies' development of Cyprus' Cronos gas field. The project will connect the Cypriot field to Egypt's energy infrastructure, allowing for the transportation of gas from the Cypriot field to Egypt for processing and liquefaction at the Damietta LNG plant before being exported to European markets.
Egypt's crude oil production has reached its highest level in two years, driven by higher investment and expanded exploration following the settlement of overdue payments to international energy partners. The ministry also announced a new natural gas discovery in the Western Desert through the deep exploratory Wanda well, which is expected to produce around 40 million cubic feet of gas per day.