Egypt aims to boost mining sector's GNP contribution to 5-6% in coming years

Updated 11/24/2024 3:25:00 PM

Arab Finance: The Ministry of Petroleum and Mineral Resources is working on meeting citizens' needs for petroleum products and natural gas, with targets to boost the mining sector's contribution to the gross national product (GNP) from 1% now to between 5% and 6% within the coming years, petroleum minister Karim Badawi announced.

Speaking at the 10th Egypt Oil & Gas Convention, the minister emphasized the importance of attracting national investments in the oil and natural gas sector.

He referred to the success of the initiative launched in September, which has already secured private-sector investments in oil exploration and production.

Badawi highlighted ongoing collaboration with investment partners to increase oil and gas production, discover new resources, and implement cost-effective and environmentally sustainable methods.

Additionally, he stressed the need to adhere to safety standards and reduce carbon emissions, stating that these elements are crucial for the sector's growth.

The minister also pointed to the ministry’s joint efforts with the Ministry of Electricity and Renewable Energy to optimize Egypt's energy mix, reaffirming the government’s commitment to raising renewable energy's share in the energy mix to 42% by 2030.

Regarding natural gas exploration, Badawi shared promising updates on operations in the Mediterranean Sea, including Chevron's new exploratory well, Khangar.

He expressed optimism that enhanced cooperation with international companies could accelerate the pace of operations and achieve resource discovery goals.