Egypt pledges support for oil, gas investments

The Egyptian government is committed to supporting investment in gas and petroleum production to accelerate field development and enhance research and exploration in new areas.

Addressing challenges and collaborating with partners to boost production and secure additional supplies is crucial within the sector, according to the Ministry of Petroleum and Mineral Resources statement on Monday.

Minister of Petroleum and Mineral Resources Karim Badawy met with Chevron’s delegation to discuss accelerating drilling programmes in the Mediterranean, particularly in the Nargis area in partnership with Eni.

The meeting highlighted the company’s innovative presence in Egypt’s vehicle oil manufacturing and distribution sector. The company runs a significant factory in Egypt that produces high-quality motor oils using Chevron technologies.

This factory exports products to the Middle East and Africa, accounting for approximately 45 per cent of Egypt’s total oil exports to these regions.

Attribution: Ministry of Petroleum and Mineral Resources statement

Subediting: M. S. Salama