Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi urged continued investment in oil and natural gas exploration, production and infrastructure to bolster energy security during the 17th ministerial meeting of the International Energy Forum (IEF) in Riyadh, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

Badawi stressed that energy security is a shared responsibility and cannot be achieved without sufficient investment in the oil and gas industries, calling for greater spending on exploration, production, infrastructure and technology.

Badawi outlined Egypt’s priorities for securing its energy needs, including increasing domestic oil and natural gas production by improving the investment climate and accelerating exploration, drilling and field development in cooperation with investment partners. He added that Egypt aimed to maximize the economic value of its petroleum resources by increasing refinery utilization and expanding petrochemical production and other value-added products.

The minister said natural gas remained a key component of Egypt’s energy mix, supporting electricity supply as the country integrated more renewable energy capacity, adding that Egypt is working to diversify supply sources, improve energy efficiency, rationalize consumption and expand renewable energy, while exploring emerging options such as hydrogen.

He sheds light on measures taken to improve the investment climate in the oil and natural gas sector, including settling outstanding payments to foreign partners, introducing new investment incentives, improving investment terms and making geological data and exploration opportunities more accessible through digital platforms such as the Egypt Upstream Gateway (EUG).

On the importance of regional cooperation and infrastructure connecting production sources with consumption centers and international market citing Cyprus’s Cronos gas field as an example of regional cooperation, noting that the project would enable Cypriot natural gas to be transported to Egypt for processing and liquefaction before being exported to European markets.

He added that the model could be extended to other Eastern Mediterranean resources, including Cyprus’s Aphrodite field and discoveries in Block 10.

The IEF’s 17th ministerial meeting was held in Riyadh, the Saudi Arabian capital, on October 11 under the theme “Energy Security and Shared Goals in a New Era.” The meeting was inaugurated by Saudi Minister of Energy Prince Abdulaziz bin Salman and IEF Secretary-General Jassim al-Shirawi.