Minister of Petroleum and Mineral Resources Karim Badawi met with Samir Raslan, the Undersecretary for Exploration at the Ministry of Petroleum and Mineral Resources (MoPMR); Mohamed Radwan, Exploration Manager at the MoPMR and Project Manager at Egypt Upstream Gateway (EUG); and Safaa Gabr, a General Manager at the MoPMR, to Follow up on the latest developments and discussing current and future investment opportunities, which will be announced, for oil and gas exploration, development, and production areas.

Badawi stressed the importance of creating an attractive investment climate based on transparency and providing accurate geological and geophysical data to investors and to encourage international companies to intensify their current and future activities in Egypt and prepare promising investment opportunities in all petroleum areas and geological basins.

Badawi elaborated that the ministry seeks to strengthen strategic partnerships with leading international companies in the field of oil and gas, pointing out the importance of using the latest advanced promotional and marketing methods in this regard.

He also pointed to the vital role played by the Egypt Upstream Gateway (EUG), due to its modern technology that helps in providing geological data, regional studies, and effective promotion of investment opportunities, which contributes to accelerate investment decisions as well as research and exploration processes in Egypt, thus achieving more discoveries and increasing production.

It is worth noting that since the launch of the EUG in February 2021, seven international digital bid rounds have been launched for 68 areas, including 55 through EUG, 25 of which were awarded with a success rate of 45.4%, with investments of a minimum of $1 billion. This average rate of success reflects the extent of international and local companies’ interest in various opportunities.