Minister of Petroleum and Mineral Resources Karim Badawi participated in the panel discussion “Future Energy” as part of the Al Gomhuria Conference which was held under the theme “El-Sisi.. Building a Nation 11 Years of Struggle and Work” with the participation of leaders from the Ministries of Petroleum and Mineral Resources and Electricity and Renewable Energy.
During the session, Badawi explained that the country is working on achieving the optimal energy mix and developing an energy strategy in cooperation with the Ministry of Electricity and Renewable Energy.
He added that it is working on increasing the percentage of renewable energy in the Egyptian energy mix to 42% by 2030, to exploit and provide natural gas used in generating electricity in value-added industries such as petrochemicals or for export.
The Minister also noted the cooperation with partners and the package of incentives that have been launched to increase investments in research and exploration activities, increase local production rates, and reduce the import bill.
He indicated that the return of the wheel of production and exploration has resulted in significant increases in local production that have saved $1.5 billion every six months from the energy import bill starting from January 2025.
Badawi pointed to the return of pumping new investments from several companies such as Eni, bp, and ExxonMobil.
He added that there is a gap between Egypt’s current production and local consumption, emphasizing the country’s strong infrastructure to receive gas to meet the needs of the local market in parallel with plans to increase production. Still, it takes a year to a year and a half to return to normal production rates again.
The Minister talked about the regional cooperation with Cyprus to receive the gas discovered there and exploit the Egyptian liquefaction plants, whether for export to European countries or local use, there is a timetable to achieve this, confirming Egypt’s position as a regional energy center.
At the end of his speech, Badawi stressed that all employees in the Ministries of Petroleum and Mineral Resources and Electricity and Renewable Energy work around the clock to provide energy to citizens and the local market.
