Minister of Petroleum and Mineral Resources, Karim Badawi, delivered the ministry’s statement before the parliamentary committee responsible for reviewing and discussing the new government’s program.

In the statement, Badawi explained that there are currently 145 commitment agreements in force in the field of research and exploration for oil and gas, which have been concluded with 40 partners. Accordingly, it is planned to drill 110 exploratory wells for gas and oil, with a total investment of $1.2 billion during the fiscal year 2024/25, as well as drilling 586 exploratory wells for gas and oil, with a total investment of $7.2 billion until 2030.

At the beginning of the statement, Badawi said: “I am honored to be with you at the launch of the parliamentary committee’s meeting to discuss the government’s program. I would also like to thank President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly for entrusting me with the position of Minister of Petroleum and Mineral Resources.”

“I fully appreciate the weight of responsibility placed upon me, as well as the aspirations of the Egyptian people for the petroleum and mineral wealth sector to meet the needs of citizens and various state sectors for energy. Energy is the lifeblood of daily life and the engine of development in Egypt in all its aspects, contributing to the achievement of Egypt’s Vision 2030.” Badawi noted.

I would like to emphasize that my top priority, along with everyone working in the sector, is to ensure continued coordination and cooperation with the Ministry of Electricity and Renewable Energy to provide the necessary fuel supplies for power plants. Our priorities also include coordinating with foreign partners to schedule and pay outstanding dues to encourage further investment, aiming to increase the production of crude oil and gas as quickly as possible.

I would like to clarify some principles that I will adhere to, whether at the sector level or in dealing with the House of Representatives and all ministries and other bodies, which are: complete transparency in presenting various issues, frankness and presenting the situation with the utmost clarity in terms of positives and challenges, and the plans drawn up to deal with those challenges.

The principles Badawi mentioned also include integration and teamwork with various ministries and agencies depending on each topic, and cooperation with the House of Representatives, the Energy Committee and various committees as partners towards achieving one goal.