Egypt called for the resumption of discussions on developing Palestinian offshore gas resources, saying such efforts could contribute to economic development and improve living conditions for Palestinians in both the West Bank and Gaza.
The appeal was made by Karim Badawi during the 10th ministerial meeting of the Eastern Mediterranean Gas Forum, held in Washington, D.C. under the theme “Regional and International Challenges and the Future of the Eastern Mediterranean Gas Forum.”
The meeting was chaired by Greek Energy Minister Stavros Papastavrou and attended by ministers and senior officials from member and observer states of the Cairo-based organization, which was established through an initiative launched by Egypt in cooperation with Greece and Cyprus.
In Egypt’s address to the forum, Badawi said Cairo supports renewed efforts to develop Palestinian maritime gas resources, describing the move as a pathway toward a more prosperous future for the Palestinian people and a means of supporting economic recovery and development.
He said the Eastern Mediterranean Gas Forum remains a key platform for regional cooperation and coordination aimed at strengthening energy security and economic growth across the region.
Badawi also highlighted Egypt’s role as a regional energy hub, noting that the country possesses the most integrated energy infrastructure network in the Eastern Mediterranean, including natural gas processing facilities, transmission networks, strategic ports and liquefied natural gas export terminals at Idku LNG Plant and Damietta LNG Plant.
He said the facilities are the only LNG export terminals in the Eastern Mediterranean and serve as a gateway connecting regional gas resources with international markets.
The minister added that Egypt currently operates four floating storage and regasification units with a combined capacity of 2.7 billion cubic feet per day.
Badawi pointed to expanding regional energy partnerships, including cooperation with Cyprus on the development and commercialization of gas from the Cronos and Aphrodite fields through Egyptian infrastructure, and with Greece on linking Eastern Mediterranean gas systems with European markets and advancing a planned 3,000-megawatt electricity interconnection project.
He also highlighted cooperation with Jordan through the Arab Gas Pipeline and Egypt’s support for rehabilitating gas infrastructure in Syria, efforts he said could help revive the regional pipeline network and strengthen energy integration.
Calling for accelerated exploration and production across the Eastern Mediterranean, Badawi said the region still holds significant untapped resources amid growing global demand for natural gas.
He said Egypt had implemented measures to improve the investment climate and attract international energy companies, noting that the country recorded 102 oil and gas discoveries between July 2024 and April 2026.
Among the most significant discoveries was the West Dennis field, developed with Eni and BP, which is estimated to hold around 2 trillion cubic feet of gas and 130 million barrels of condensates.
Badawi added that the Nargis field, where Chevron and Eni are partners, is expected to contain between 2.5 trillion and 3.5 trillion cubic feet of gas.
The minister said major international energy companies are expected to invest around $17 billion in Egypt over the next five years, while plans are in place to drill 101 exploration wells in 2026.
He also said Egypt had cleared all outstanding payments owed to energy companies operating in the country, reducing arrears from $6.1 billion in June 2024 to zero as of June 10, a move he said demonstrates Cairo’s commitment to honoring its obligations and strengthening investor confidence in the energy sector.
Concluding his remarks, Badawi reaffirmed Egypt’s commitment to the Eastern Mediterranean Gas Forum and its founding principles, saying regional cooperation, investment and infrastructure development would be critical to unlocking the region’s energy potential and promoting long-term stability and prosperity.
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