Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the petroleum sector’s five‑year plan aims to double domestic crude oil production by 2030 through expanded application of the latest technologies, most notably horizontal drilling and hydraulic fracturing, alongside the introduction of new contractual frameworks.

This came during the Minister’s meeting with the Board of Directors of the Egyptian General Petroleum Corporation (EGPC) via videoconference, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

During the meeting, Salah Abdel Kerim, EGPC Chairman, and Amal Tantawi, Deputy Chairman for Financial and Economic Affairs, reviewed the items on the meeting’s agenda and the measures required to enhance the Corporation’s speed and efficiency in carrying out its tasks.

Badawi explained that the success in reducing the outstanding dues over the past two years until fully clearing them, in parallel with the implementation of a package of incentive measures, contributed to restoring Egypt’s crude oil production to a growth trajectory.

The Minister noted that the intensive work plans being implemented in cooperation with investment partners to support natural gas production are gradually bearing fruit. He explained that the majority of Egypt’s gas output comes from deepwater fields in the Mediterranean, which require substantial investments, advanced technologies, and longer timelines for exploration, drilling, development, and bringing wells into production.

He added that one of the most notable outcomes of restoring investor confidence was the Denis discovery, located in the Eni‑British Petroleum (bp) Temsah concession in the Mediterranean, which is estimated to hold about 2 trillion cubic feet (tcf) of gas. He stressed that this find reflects Egypt’s vast potential and demonstrates that creating an attractive investment climate, settling dues, and offering appropriate incentives are key factors in unlocking further discoveries.

Regarding energy security, the Minister explained that the summer of 2025 saw success in meeting the electricity sector’s fuel needs to cope with record demand of 40.5 gigawatts (GW). This was achieved thanks to ongoing integration and coordination between the MoPMR and the Ministry of  Electricity and Renewable Energy. He affirmed that efforts continue to ensure stable energy supplies and meet the country’s needs during the current summer season.