Arab Finance: Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi met with Energean CEO Mathios Rigas to explore opportunities for expanding the company’s investments and raising natural gas production in Egypt, as per a statement.
The meeting covered Energean’s plans to broaden its exploration and production activities in the Mediterranean Sea, alongside potential growth in its Egyptian operations following the settlement of outstanding payments owed to investment partners.
Rigas said the progress made in clearing the arrears had improved operating conditions, shifting discussions with the government from addressing challenges toward expanding investment. Energean is now assessing opportunities to increase drilling, develop its fields, and raise gas output in the coming period.
Badawi identified higher domestic gas production as a priority for the petroleum sector, reaffirming the government’s commitment to offering incentives that encourage partners to accelerate exploration and development programs. He also underscored the need to resolve obstacles that could delay their implementation.
As part of those efforts, the minister called for completing agreements to merge Energean’s concession areas as soon as possible. Consolidating the concessions could lower oil and gas production costs and improve the economic viability of investments required to increase domestic output.
The government is also working to reinforce investor confidence, improve the petroleum sector’s cash flow, and meet its obligations to international partners, Badawi said. These measures are intended to enable companies to direct additional capital toward exploration, drilling, and field development while accelerating existing work programs.
Badawi added that the progress in settling outstanding payments marks a shift in Egypt’s relationship with international oil and gas companies, creating scope for greater investment and broader petroleum activity. The ministry plans to capitalize on this improvement to advance exploration and production.
The minister also presented opportunities available through Egypt’s latest international oil and gas exploration bid round. The areas on offer are located near existing infrastructure and facilities, which could reduce investment costs and shorten the time needed to connect potential discoveries to production.
Rigas welcomed the ongoing dialogue and cooperation with the Ministry of Petroleum and Mineral Resources. He said Energean views its growth prospects in Egypt positively and is considering plans to maximize investment in the country as operating conditions improve.
