El-Sisi reviews oil, gas exploration activities with Madbouly, Badawi
Updated 3/17/2025 8:28:00 AM
Arab Finance: President Abdel Fattah El-Sisi discussed, with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, oil and gas exploration activities and new discoveries, particularly in the Fayoum5 field, located in the King Mariout area, as per a statement.
The talks aimed at boosting Egypt's petroleum and gas reserves.
Spokesman for the Presidency Mohamed El-Shennawy indicated that Badawi reviewed several newly-signed agreements that have contributed to reinforcing exploration and drilling efforts.
On his part, El-Sisi highlighted the need to intensify efforts to boost exploration activities and accelerate field development, in addition to expanding production and exploration operations.
The president affirmed that the state provides all necessary incentives to attract more foreign investments in the petroleum sector to meet the increasing domestic demand for petroleum products and gas.
Furthermore, the meeting addressed 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 partnership is expected to enable the transportation of gas discovered in Cypriot waters to Egypt, leveraging the country’s capabilities to either utilize the gas domestically or liquefy it at Egyptian LNG facilities for export to global markets.
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