Arab Finance: Prime Minister Mostafa Madbouly held talks with Minister of Petroleum and Mineral Resources Karim Badawi to review the ministry’s strategy to boost domestic oil and natural gas production and ensure energy security.

Badawi noted that the settlement of all outstanding payments to partners by June 2026 represents an important step toward restoring investor confidence and encouraging greater exploration and field development activity.

He also outlined measures to increase domestic natural gas output through the development of existing fields, expanded exploration, and the accelerated development of discoveries.

The ministry targets adding around 250 million cubic feet per day (mmcf/d) from the Zohr and West Mena fields in the Mediterranean before year-end, in addition to 80 mmcf/d from the Meleiha fields in the Western Desert by the end of September.

He also outlined plans to upgrade petroleum infrastructure, including refinery modernization, crude oil and petroleum product transportation networks, as well as storage and handling capacity.

Refinery utilization rates have increased from 66% to more than 80%, supported by greater crude oil availability and improved unit efficiency. The surge is expected to boost gasoline and diesel production, reduce fuel import costs, and better meet domestic demand.

During the fiscal year (FY) 2025/2026, natural gas connections were extended to 804,000 residential units, replacing an estimated 14 million liquefied petroleum gas (LPG) cylinders and helping reduce LPG consumption and associated import costs.