Prime Minister Mostafa Madbouly met with Minister of Petroleum and Mineral Resources Karim Badawi to discuss several key topics, including the latest updates on clearing arrears owed to foreign partners and the outcomes of the new incentives introduced by the Ministry of Petroleum and Mineral Resources (MoPMR) to stimulate exploration and production activities.

During the meeting, Badawi confirmed that the payment program is being implemented on schedule, with the monthly bill set to be paid regularly in October. He also noted that the incentive package has been well-received by all partners, both domestically and internationally.

Badawi noted that Eni has increased the number of drilling rigs in Agiba field to accelerate the pace and rates of production to reach targeted levels.

At the same time, the Minister of Petroleum and Mineral Resources explained that a meeting will be held with a number of Egyptian businessmen and investors to encourage them to enter into investments in the petroleum sector, especially in the fields of production and exploration.

He added that success stories of Egyptian investors in this sector will be presented, elaborating that the MoPMR has provided an incentive package aimed at stimulating production increase of oil and natural gas, as a primary goal that the sector is working on with partners in the fields of research, exploration, and production.

The Minister of Petroleum and Mineral Resources also reviewed the results of his recent visit to participate in the activities of the ministerial meeting of the member states of the BRICS group, which was held in the Russian capital, Moscow, on the sidelines of the Russian Energy Week activities held during the period from September 26 to 28, 2024, which discussed the development of energy sectors in the BRICS countries, and priority areas for cooperation on the medium term.