Karim Badawi, Minister of Petroleum and Mineral Resources, has reaffirmed that the Ministry’s top priority is increasing domestic crude oil and natural gas production to reduce the national import bill and secure energy supplies for the Summer 2026 season.

During a periodic meeting with petroleum and mining sector leaders at The Egyptian Natural Gas Company’s (GASCO) headquarters, Badawi reviewed progress and upcoming targets under an ambitious five-year plan extending through 2029/30, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

Badawi announced that the Ministry is set to launch a new package of incentives designed to encourage international oil companies and Egyptian companies to invest in oil and gas production. He highlighted that the current year will see the drilling of more than 100 exploration wells, part of a broader program targeting approximately 500 wells by 2030.

Additionally, the Minister attributed the recent restoration of investor confidence to the regular settlement of  IOCs dues, which have revitalized exploration and production (E&P) activities across the sector.

“Expanding exploration aims to bolster Egypt’s production capacity by bringing new fields online while simultaneously enhancing output from existing brownfields,” Badawi stated. He added that ongoing seismic surveys across various regions are intended to identify new investment opportunities and attract further capital to the sector.

Addressing energy security for the upcoming summer, the Minister emphasized the successful integration with the Ministry of Electricity and Renewable Energy. He noted that technical coordination is ongoing to ensure steady gas supplies for power plants, supported by flexible scenarios to accommodate sudden spikes in consumption.

Badawi highlighted the success of the Floating Storage and Regasification Unit (FSRU) system established last year in securing the growing gas requirements of power plants and the industrial sector. While domestic production remains the primary focus, he noted that these vessels serve as a critical backstop for national energy security until self-sufficiency targets are met.

Reaffirming Egypt’s role as a regional gas hub, the Minister pointed to the economic optimization of Egypt’s liquefaction plants through limited export shipments, confirming their readiness to receive and process Cypriot gas in the near future.

Furthermore, Badawi praised the petrochemical sector’s recent successes and reaffirmed the Ministry’s commitment to improving the investment climate for mineral wealth. This includes the upcoming launch of aerial geophysical surveys to support new mining investments.

The Minister’s directive comes at a critical time for Egypt’s energy balance. According to recent Central Bank reports, the country’s petroleum import bill reached $9.7 billion in the first half of the fiscal year (FY) 2024/25, representing a 53% increase over the previous year.