Egypt announces new incentives for oil firms

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, announced a new incentive package to boost crude oil and natural gas production. The new initiative aims to enhance the investment climate and encourage higher production rates by collaborating with global exploration and production partners according to Badawi’s statements during an extensive meeting with global petroleum production partners, on Tuesday.

The package introduces new mechanisms to increase production and boost exploration, and development activities. Increased revenues will help settle partners’ dues, narrow the production-consumption gap, and reduce monthly import bills. This strategy will improve financial resources for investment and support national security by enhancing domestic petroleum supplies.