Minister of Petroleum and Mineral Resources, Karim Badawi, met with Kristian Svendsen, Chevron Egypt Country Manager, and the accompanying delegation to discuss the company’s activities in Egypt and its plans for the coming period.
During the meeting, Badawi stated that the petroleum sector is currently intensifying oil and gas exploration and research activities in various petroleum work areas with the aim of achieving new discoveries that add to the existing reserves and increase production, which reduces the import bill and contributes to confronting the natural decline of wells.
Badawi highlighted the full support of the political leadership, government and parliament for foreign petroleum sector partners to carry out their work, overcome challenges and expedite procedures, thus achieving the goals of all parties.
The Minister added that Egypt has promising investment opportunities in the field of oil and gas, in light of the availability of sufficient geological data and the capabilities and expertise required to implement mega projects.
Badawi pointed out the importance of accelerating the development of the achieved discoveries and putting them on the production map as soon as possible.
For his part, Svendsen stated that Chevron attaches great importance to the strategic partnership with Egypt and is committed to its activities, as it considers the Egyptian petroleum sector a promising sector full of attractive investment opportunities.
Svendsen noted that the company is currently evaluating several areas offered in the new bid round that was recently launched to determine the best opportunities that suit the company’s work system.
Additionally, Svendsen said that the company is also currently developing an integrated work program for its activities in Egypt with specific targets and is looking forward to participating in the upcoming edition of EGYPES 2025.