Egypt's PM Madbouly reviews petroleum sector strategy with energy minister

Prime Minister Mostafa Madbouly said Egypt's petroleum and natural gas sector remains a cornerstone of the national economy, stressing the government's commitment to increasing domestic production, attracting new investment and accelerating exploration activities to strengthen energy security and support sustainable economic growth.

Madbouly made the remarks during a meeting in New El Alamein City with Minister of Petroleum and Mineral Resources Karim Badawi to review the latest developments in the sector.

Badawi outlined progress on several strategic oil and gas projects being implemented in partnership with international energy companies. He said the projects are designed to increase the value of Egypt's natural resources, expand local industries, reduce imports and boost exports.

The minister also welcomed the final investment decision by Eni and TotalEnergies to develop Cyprus' Cronos gas field and connect it to Egypt's gas infrastructure. He said the project will allow Cypriot gas to be processed and liquefied in Egypt before being exported to European markets, reinforcing Egypt's role as a regional natural gas hub.

Badawi added that Egypt's crude oil production has reached its highest level in two years, attributing the increase to stronger investment, higher exploration activity and the settlement of outstanding payments to international energy partners, which has encouraged additional investment in exploration and production.

He said the ministry had successfully secured natural gas supplies during the recent period of peak summer demand, ensuring stable fuel deliveries to all sectors, particularly electricity generation. Preparations are also in place to meet demand throughout the remainder of the summer.

The minister also announced a new natural gas discovery in the Western Desert after drilling the deep exploratory Wanda well, which is expected to produce around 40 million cubic feet of gas per day, providing additional support for Egypt's plans to increase domestic gas production.