Minister of Petroleum and Mineral Resources, Engineer Karim Badawi, has outlined ambitious plans to increase oil and gas production, attract foreign investment, and prioritize sustainability.
Speaking at the 10th annual convention of the Egypt Oil & Gas Group (EOGC 24), Badawi emphasized the need to maximize exploration, production, and reservoir management efficiency. The minister also highlighted the importance of leveraging Egypt’s infrastructure to refine petroleum, produce petrochemicals, and add value to its natural resources.
The tenth EOGC, which was held under the theme “Maximize Productivity & Drive Down Costs,” witnessed the participation of leaders of the petroleum sector, as well as heads and representatives of global investment companies and Egyptian petroleum companies.
The Minister emphasized that efforts are continuously underway to implement the priorities of the petroleum sector, which include ensuring citizens’ needs for petroleum products and gas by focusing on maximizing exploration, production, and reservoir management efficiency, as well as fully utilizing the infrastructure for refining petroleum and producing petrochemicals to achieve added value and maximum returns from oil and gas resources. He also highlighted the potential for leveraging the capabilities and expertise to develop the Egyptian mining sector and increase its contribution to the national output from the current 1% to between 5-6% in the coming years.
He added that the Ministry is working as one team with the Ministry of Electricity and Renewable Energy to establish the optimal energy mix for Egypt, noting the government’s commitment to increasing the share of renewable energy in the energy mix to 42% by 2030. This allows for the utilization of traditional fuel resources available for export or value-added industries. He reiterated the importance of further work in preserving worker safety and environmental sustainability for the benefit of future generations and expanding energy efficiency across various operations.
The Minister stressed the importance of regional cooperation to turn ambitions into reality and support Egypt’s role as a regional energy hub. This is bolstered by Egypt’s infrastructure and cooperation with Cyprus and global company partners to exploit current and future gas discoveries in Cyprus through the Egyptian infrastructure for re-export or as added value for the local market.
Addressing investment partners, the Minister stated, “Your success is our success,” emphasizing that the petroleum sector is focused on reducing production costs, which helps to increase production rates. He highlighted the effective role of Egypt Upstream Gateway (EUG) in offering diverse investment opportunities and new work areas for partners to benefit from the existing infrastructure in reducing barrel production costs. He also reaffirmed the government’s commitment to timely payments to partners, a crucial step in fostering investment and maintaining transparency.
The Minister emphasized the crucial role of technology and digitalization in exploring and producing oil and gas, especially in untapped deepwater areas, highlighting their potential to boost value.
The Minister praised the dedication of petroleum sector workers, emphasizing the importance of investing in young talent and providing them with practical leadership training to ensure the sector’s future success.
