On the sidelines of his participation in the World Energies Summit and the London Energy Forum in the UK ,Karim Badawi, Minister of Petroleum and Mineral Resources, held a series of bilateral meetings with several international energy companies to unveil the investment and expansion opportunities in Egypt.
The Minister met with Hongwei Ma, Oversea Exploration Asset Coordinator at the Chinese National Offshore Oil Corporation (CNOOC), to discuss cooperation and investment opportunities in research and exploration in Egypt, particularly in the Mediterranean and Red Sea regions, which are of strategic importance to the Chinese company. The company is seeking to establish a presence for the first time in the Middle East, with Egypt as a starting point.
Additionally, Badawi met with Randy Neeley, CEO of the British company Capricorn, and Jeff Probert, the company’s Chief Operating Officer (COO). They discussed the company’s current activities in Egypt and future expansions through Badr El Din Company’s areas in the Western Desert, as well as the possibility of adding new exploration areas through cooperation with Egypt Upstream Gateway (EUG).
Moreover, the Minister met with Terry Gebhard, Vice President of Exploration and Production at Australian company Woodside Energy, and Chad Ferguson, Head of Egypt Exploration at the company. The meeting witnessed talks about opportunities to increase the company’s investments in Egypt. They also reviewed its current activities in the Mediterranean as a partner in the North Dabaa and Thebes regions.
In another expanded meeting with the Schlumberger-Vereden consortium, the Minister discussed preparations for implementing the advanced seismic survey project in the Eastern Mediterranean. This falls within the Ministry’s strategy to provide data on promising opportunities for new discoveries, which will contribute to attracting more investments.
During his meeting with Christian Johansen, CEO of TGS, Badawi shed light on the progress in the company’s seismic survey activities in the Western Mediterranean, the Red Sea, and the southern Western Desert.
In addition, Badawi discussed enhancing cooperation in exploration and production activities in the Western Desert during his meeting with Catherine Roe, CEO of Pharos Energy. Finalizing the procedures for the award of the South Abu Sennan area, the company’s latest investment area in Egypt, was also touched on. Furthermore, the two sides reviewed cooperation with IPR Energy Group to develop the North Beni Suef area through drilling new wells and improving production rates in the Fayoum Governorate, as well as encouraging the company to increase its investments in the Western Desert.
Egypt’s oil and gas sector has recently entered a new growth phase, marked by a reversal in production decline and major exploration plans. The government has recently announced a $5.7 billion investment to drill 480 new wells over five years, while recent discoveries in the Western Desert and expanded Mediterranean exploration are boosting reserves.
Badawi’s series of high-level meetings with senior executives from leading international companies, concluded with discussions involving senior executives From ExxonMobil and Norway’s Equinor.
