PM: Egypt Secures $19 Billion in Energy Investments

Egypt’s Prime Minister Mostafa Madbouly announced that foreign energy companies have committed around $19 billion in new investments for oil and gas exploration activities in the country, highlighting growing international confidence in Egypt’s energy sector.

Speaking during a press conference, Madbouly described the developments as highly positive, adding that the government expects to complete payments of outstanding dues owed to foreign partners in the petroleum sector by the end of June.

The prime minister also revealed a significant new natural gas discovery in the Mediterranean Sea. Drilling operations at the “Dennis West 1X” exploratory well, located in the Temsah concession area off the coast of Port Said, resulted in what officials described as a promising gas find.

According to government estimates, the discovery contains approximately 2 trillion cubic feet of natural gas reserves, in addition to around 130 million barrels of condensates.

The announcement comes as Egypt continues efforts to strengthen its position as a regional energy hub by expanding exploration activities, increasing production capacity, and attracting international investment into the oil and gas sector.

Officials believe the latest discovery could contribute to boosting domestic energy supplies, supporting exports, and enhancing long-term economic stability.