In a meeting with Mostafa Madbouly, Egypt’s Prime Minster, Karim Badawi, Minister of Petroleum and Mineral Resource, reviewed the expansion plans for various exploration and discovery activities, as well as the efforts to attract more international companies to invest in this promising sector.

Badawi emphasized that all available opportunities and potential in the oil and gas fields are being maximized. He also highlighted the recent developments in the activities of international companies working in the sector in Egypt.

In this context, Badawi referred to the recent announcement regarding the successful drilling of the North Lotus exploration well, which was drilled with investments from the Italian company Eni. It is owned by Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni in the Western Desert. The minister noted that the new discovery will open up further opportunities for expanding exploration and discovery activities and attract more investments to this promising region.

It is worth noting that the exploration activities in the North Lotus Deep-1 well in Western Desert yielded positive results. It is expected to add about 1,835 barrels of crude oil per day (bbl/d) as well as 7 million cubic feet of natural gas daily (mcf/d), which is equivalent to 3,100 barrels of oil equivalent (boe).

During the meeting, Badawi discussed the efforts to enhance monitoring the petroleum products distribution system in the local market. He reviewed the results of the central committee, which is part of EGPC and specializes in the monitoring petroleum products across the country through intensive field inspections.