bp discovers oil, natural gas reserves in Egypt’s King Mariout

Updated 2/6/2025 1:54:00 AM

Arab Finance: British Petroleum (bp) has discovered oil and natural gas reserves in the King Mariout offshore block in Egypt's northern Mediterranean, Egyptian Prime Minister Mostafa Madbouly confirmed during a weekly press conference on February 5th.

He described the find as promising, with detailed figures expected to be revealed soon. The discovery could potentially lead to further findings in the concession.

In addition to the energy discovery, Madbouly announced plans to increase salaries and wages starting at the beginning of the new fiscal year (FY).

The government is finalizing the details of the plan, which will also include pension increases. Once completed, it will be submitted to President Abdel Fattah El-Sisi for approval.

This move is part of the government's broader economic support measures to address citizens' needs, particularly in light of the upcoming holy month of Ramadan.

Addressing preparations for Ramadan, Madbouly highlighted the government's focus on securing essential commodities, stabilizing prices, and ensuring the availability of goods.

He noted ongoing coordination with relevant ministers, the private sector, and civil society organizations to ensure market readiness during this critical period.

Shifting focus to Egypt’s long-term digital development, Madbouly introduced the “Digital Pioneers Initiative,” a new program aimed at advancing the country’s digital sector.

The initiative, which has been approved by El-Sisi, will train 12,000 young Egyptians annually. It will offer specialized training for individuals between the ages of 15 and 32, including intensive diplomas and professional or scientific master’s degrees in partnership with leading international universities.

The program will combine academic studies with practical training in collaboration with companies operating in Egypt, providing participants with the opportunity to join these companies after completing their courses.

Set to launch by the end of the second quarter (Q2) of this year, the program is designed to equip young Egyptians for careers in the growing digital economy.

Many graduates will have the chance to work remotely for international companies, contributing to Egypt’s economy by earning salaries in hard currency.

Financed by the Tahya Misr Fund in coordination with the Ministry of Communications and Information Technology, the initiative is expected to make a significant impact on Egypt’s digital and technological sectors, further positioning the country as a leader in digital exports. Further details of the initiative will be disclosed soon.