Prime Minister Mostafa Madbouly witnessed the signing ceremony of four new memoranda of understanding (MoUs) with the aim of studying and researching the possibility of exploring, producing and developing oil and natural gas fields.

The signing took place in the presence of Karim Badawi, Minister of Petroleum and Mineral Resources.

The first MoU was signed by Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC); Mohy-Eldin Abdin, Board Member of Hassan Allam Holding; and Teymour Abou Elkheir, Board Member of Infinity Capital Investment.

Meanwhile, the second MoU was signed Abdel Kerim and Ahmed Ezz, Chairman of Ezz Industrial Group.

The third MoU was signed by Abdel Kerim and Mohamed Abo El-Azayem, Country Leader & General Manager at El-Sewedy Industrial Group (EIG).

Additionally, the fourth MoU was signed by Abdel Kerim and Ayman Abbas, Chairman of Advanced Energy Systems (ADES).

Badawi emphasized that the new MoUs aim to boost production from mature fields in the Eastern and Western Deserts and the Gulf of Suez, which will help raise production rates and meet the demands of the local market.

He also underscored the importance of collaboration with private sector companies to strengthen local oil and gas production. The minister noted that revitalizing older fields presents a significant opportunity to achieve a breakthrough in production by leveraging advanced technology in exploration and development operations.