The Ministry of Petroleum and Mineral Resources (MoPMR) plans to offer 62 investment opportunities through the Egypt Upstream Gateway (EUG). Karim Badawi, Minister of Petroleum and Mineral Resources, announced the plan during a meeting with the Coordination Committee of Parties’ Youth Leaders and Politicians (CPYP), where he reviewed the petroleum sector’s ongoing investment allocations, according to a statement by the MoPMR.
Badawi added that the ministry is currently implementing nine seismic survey programs to identify new exploration areas, alongside two new projects in the Eastern Mediterranean and West Assiut. These initiatives build upon previous milestones, including commitments secured for more than $17 billion in foreign investments over the next five years.
During the session, Badawi explored the ministry’s investments and strategic progress over the past period. He commended the mineral wealth law proposed by the CPYP, noting that it represents a qualitative leap that aims to increase the mining sector’s contribution to the gross domestic product (GDP) from 1% to 6%.
Badawi explained that the accumulation of outstanding payments to partners in previous periods had affected investment and production rates, coinciding with increased consumption rates accompanying economic growth.
In June 2024, arrears stood at $6.1 billion. Through the government’s commitment to IOCs, it reduced that figure regularly until falling to $440 million in May 2026.
In return, Badawi noted that it contributed to restoring confidence and encouraging companies to inject new investments, which helped halt the decline in production and revitalize exploration and production activities.
He further highlighted recent discoveries, including the Dennis gas discovery in the Mediterranean and a discovery at the West Abu Madi concession in the Nile Delta. He also noted that French TotalEnergies has resumed natural gas exploration activities in Egypt.
Notably, CPYP is a youth political organization in Egypt, established in April 2018 following President Abdel Fattah el-Sisi’s call to strengthen political engagement. It brings together young activists from various political parties and ideologies, aiming to foster dialogue, promote democratic participation, and contribute to national development
