Minister of Petroleum and Mineral Resources Karim Badawi has held talks with Sam Dabbous, President & Chief Operating Officer of the IPR Group.

The meeting reviewed the company’s business and activities in its concession areas in the Western Desert and the Gulf of Suez, as well as its plans to increase oil and gas production rates and develop aging fields.

During the meeting, Badawi referred to the new incentive package launched by the Ministry of Petroleum and Mineral Resources (MoPMR), which aims to encourage increased production of crude oil and natural gas.

Badawi stated that these incentives include new mechanisms whose application is linked to achieving an increase in production over current rates, as well as increasing exploratory and development drilling activities and production operations.

The Minister urged the company to complete drilling and development operations in its concession areas, especially the Yadma/Alamein and Fayoum regions. Badawi also called on the company to explore expanding exploration activities and obtaining new areas, in light of the new global bid for 2024 that was recently announced to search for natural gas and crude oil in 12 sectors in the Mediterranean and the Nile Delta.

For his part, Sam Dabous pointed out the group’s commitment over the past years to increasing the size of its investments in Egypt, diversifying its activities, and applying innovative technical methods to increase the volume of petroleum reserves. He emphasized that the group, as a leading international investment system in advanced technology for the production and development of oil fields, will continue its journey and develop its investment capabilities, and increase the size of its investments in Egypt.