Egypt and Libya have signed a memorandum of understanding (MoU) to deepen cooperation in the oil, gas, and mining sectors on the sidelines of the Libya Energy and Economic Summit in Tripoli, according to the Ministry of Petroleum and Mineral Resources.
Prime Minister Mostafa Madbouly reaffirmed the government’s commitment to achieving petroleum self-sufficiency and positioning Egypt as a regional hub for rare-earth mineral processing, aiming to reduce the national import bill.
Madbouly held separate meetings with Karim Badawi, Minister of Petroleum and Mineral Resources, and Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, to discuss developments in the mining sector, according to Cabinet statements.
Karim Badawi, Minister of Petroleum and Mineral Resources, has reaffirmed that the Ministry’s top priority is increasing domestic crude oil and natural gas production to reduce the national import bill and secure energy supplies for the Summer 2026 season. Badawi announced that the Ministry is set to launch a new package of incentives designed to encourage IOCs and Egyptian companies to invest in oil and gas production. He highlighted that the current year will see the drilling of more than 100 exploration wells, part of a broader program targeting approximately 500 wells by 2030.
AVEVA, a global leader in industrial software, driving digital transformation and sustainability, has appointed Khaled Salah as Vice President (VP) of Africa. In his new role, Salah will lead a team of nearly 30 people to execute the company’s growth strategy across the continent, reporting directly to Jesus Hernandez, Senior Vice President (SVP) for Europe, the Middle East and Africa (EMEA).
The Egyptian General Petroleum Corporation (EGPC) has launched a centralized digital platform to monitor, analyze, and evaluate the environmental performance of its affiliated companies, aiming to enhance transparency and operational efficiency across the sector. The platform aims to standardize mechanisms of collecting environmental data and digitally analyze them to improve operational efficiency, support informed decision-making, enhance data quality and accuracy, and increase transparency within the sector.
China’s Xingfa Chemicals Group (XINGFA) has unveiled plans to invest up to $2 billion in a large-scale, three-phase industrial project in Egypt’s Golden Triangle region, focusing on integrated phosphate extraction and high-value chemical manufacturing. During a meeting on January 22, Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), discussed the proposal with a delegation led by Xingfa President Cheng Yali.
The Egyptian Natural Gas Holding Company (EGAS) is accelerating offshore gas development through technical studies on undeveloped Mediterranean discoveries while advancing exploration programs through meetings with Arcius Energy, ExxonMobil and QatarEnergy
The Egyptian General Petroleum Corporation (EGPC) has approved amendments to the current fiscal year's budget as well as the plan for the 2026/27 budget for Alamein Petroleum Company. EGPC's CEO, Salah Abdel Kerim, attributed the modifications to the fact that the company’s concession areas require continuous innovation and integrated technical solutions, given their complex geological nature.
Abdel Kerim highlighted that investment in exploration continues to yield immediate results, citing the Z3 well as a recent success. The well was recently linked to production facilities and is currently contributing approximately 650 barrels per day (bbl/d) to the company’s total output.
Egypt has cleared approximately $5 billion of the arrears due to its foreign partners in the oil sector, significantly reducing the sector's debt, Prime Minister Mustafa Madbouly said during the Cabinet's weekly meeting.
Egypt's total arrears for International Oil Companies have dropped from a mid-2024 peak of $6.1 billion and are expected to reach$1.2 billion by the end of June 2026, which is the normal rate, according to Madbouly.
Hassan El-Khatib, Minister of Investment and Foreign Trade, met with the CEOs of Saudi Arabia’s ACWA Power and Greece’s Public Power Corporation (PPC) on the sidelines of the World Economic Forum (WEF) in Davos to accelerate Egypt’s transition into a regional green energy and water desalination hub. The Saudi group currently operates two solar plants in Egypt with a combined capacity of 350 megawatts (MW), which the Minister noted are performing beyond expectations. Parallel to these operations, the 1.1-gigawatt (GW) Shams solar project.
