Egypt's Prime Minister Mostafa Madbouly met with the Minister of Petroleum and Mineral Resources Karim Badawi to review ongoing projects, exploration efforts, and investment plans in the petroleum sector. Madbouly reaffirmed the state's focus on expanding investment opportunities in the sector by offering new incentives and facilitations, in line with President Abdel Fattah El Sisi's directives to accelerate the development of newly discovered wells and intensify onshore and offshore exploration activities. He also stressed the importance of maintaining the government's commitment to settling dues owed to oil and gas companies to support production growth. Moreover, the meeting focused on efforts to meet the country's petroleum product needs, boost local production, and broaden cooperation with international and local investors. Steps to enhance regional collaboration in the petroleum and gas fields were also reviewed. Minister Badawi outlined preparations for the summer season, highlighting the strategic petroleum stock situation and plans to boost reserves through increased local production. He also detailed the status of payments to international partners and sector reforms aimed at sustaining payments and encouraging exploration and drilling activities, aligning with government objectives to create a competitive energy investment climate. Badawi further stressed that the sector works closely with strategic partners to accelerate exploration and safeguard Egypt's energy security. He also shared the outcomes of his participation in the Summit on the Future of Energy Security in London, including discussions with British counterparts on renewable energy cooperation, emissions reduction, and joint project financing. Meetings with the Executive Director of the International Energy Agency (EIA) explored ways to enhance cooperation under the joint work programme signed in 2023. Additionally, Badawi visited Shell's headquarters, where talks focused on expediting the development of the West Mena and Khufu discoveries in Northeast Amriya and the eleventh phase of the West Delta Deep Marine concession. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
