Minister of Petroleum and Mineral Resources Karim Badawi said Egypt is set to begin exporting the first shipments of natural gas to European markets through Egypt by 2028, as part of efforts to strengthen the country’s position as a regional energy hub in the Eastern Mediterranean.
During a meeting reviewing the ministry’s current priorities and investment plans, Badawi highlighted Cyprus’ approval of the development and production plan for the “Cronos” gas field, paving the way for future exports to Europe through Egyptian infrastructure.
The minister said the Petroleum Ministry continues to prioritize securing domestic needs of petroleum products and natural gas, while expanding exploration and production activities in cooperation with major international energy companies. He added that Egypt is also seeking to maximize the added value of its petroleum wealth through refining and petrochemical projects.
Badawi stressed that the government’s efforts to settle dues owed to foreign partners have played a key role in boosting confidence and encouraging new investments in exploration and production activities. According to the minister, outstanding payments declined from $6.1 billion in June 2024 to $1.3 billion in March 2026, before falling further to $714 million in April and $440 million in May 2026.
He said the ministry aims to fully settle all outstanding dues and reach “zero arrears” by June 10, ahead of the previously announced June 30 target date.
The minister also reviewed plans for exploration and development drilling in the Mediterranean during 2026, involving major international companies including Shell, BP, Eni, Chevron and ExxonMobil.
Among the recent discoveries, Badawi highlighted a major oil and gas find by Agiba Petroleum in Egypt’s Western Desert through the “South Bastian-1” exploratory well. The discovery is considered the company’s largest in 15 years and is expected to contain around 330 billion cubic feet of natural gas and nearly 10 million barrels of condensates and crude oil, with total reserves estimated at 70 million barrels of oil equivalent.
The minister also announced the start of drilling operations for a new well at the “Nargis” gas field in the Mediterranean, which is expected to boost domestic gas production and reduce Egypt’s import bill.
He further referred to recent plans by Shell and Chevron to drill the “Velox” well in the western Mediterranean, alongside a recently signed memorandum of understanding between the Egyptian Natural Gas Holding Company (EGAS) and TotalEnergies to explore hydrocarbon potential in an offshore block in the same region.
Badawi said seismic survey activities carried out between January and May covered more than 5,600 kilometers and an area exceeding 100,000 square kilometers across multiple stages.
On the mining sector, the minister announced the initial signing of a contract for Egypt’s first comprehensive airborne geophysical survey in more than four decades. The project involves cooperation between the Mineral Resources Authority, Spanish company Xcalibur, the Nuclear Materials Authority, and Drone Tech.
He said the survey aims to establish a modern and high-precision database for Egypt’s mineral wealth to support investment attraction and reduce exploration risks and costs. The project will cover six geographic regions nationwide, including the Eastern and Western deserts, Sinai, Bahariya Oasis and Abu Tartour, using advanced aircraft and geophysical technologies.
Badawi added that the project represents one of the first outcomes of transforming the Mineral Resources Authority into an independent economic entity with the support of President Abdel Fattah el-Sisi.
The minister also pointed to cooperation with Murdoch University to implement training programs aimed at developing the skills of petroleum sector workers in line with international standards.
He said preparations are also underway for the Egyptian Mining Conference, scheduled for late September under the patronage of President Sisi.
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