Download logoToday, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly, and Minister of Petroleum and Mineral Resources, Eng. Karim Badawi.Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting focused on exploration activities and new discoveries, particularly in the "Fayoum 5" oil and gas field located in the "King Mariout" area, with the aim of enhancing Egypt's petroleum and gas reserves. The Minister of Petroleum and Mineral Resources reviewed several newly-signed agreements that have contributed to increased exploration and drilling efforts. President El-Sisi emphasized the need to exert maximum efforts to boost exploration activities, particularly as the state provides all necessary incentives to fast-track field development, intensify production and exploration operations, and attract more foreign investments in the petroleum sector to meet the growing domestic demand for petroleum products and gas.As part of preparations for the summer season, the Minister of Petroleum offered an overview of the strategic stock of petroleum products to ensure citizens' needs are met. He noted that increasing local production in the coming period would contribute to boosting reserves and strategic stockpiles.The meeting also discussed cooperation with Cyprus in the gas sector and ways to leverage the discovered gas reserves within Cyprus' Exclusive Economic Zone, particularly in the "Cronos" and "Aphrodite" fields. This cooperation would allow for the transportation of gas discovered in Cypriot waters to Egypt, taking full advantage of the countrys capabilities to either utilize the gas domestically or liquefy it at Egyptian LNG facilities for export to global markets. Additionally, the meeting covered developments in energy cooperation between Egypt and Saudi Arabia, following up on the implementation of the Memorandum of Understanding signed between the two countries during the "EGYPTS 2025" conference, which was hosted in Cairo in February 2025.President El-Sisi emphasized the necessity of continuing to commit to settling outstanding payments to oil and gas companies operating in Egypt and fulfilling financial obligations towards them. This would help boost local oil and gas production, provide incentives to accelerate and expand field development and production efforts, and drive further exploration initiatives.Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
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