Egypt’s Petroleum Ministry boosts investment incentives to drive oil, gas production

Egypt’s Ministry of Petroleum and Mineral Resources is intensifying efforts to incentivise investment partners to support the growth of local oil and gas production, Minister Karim Badawi stated during meeting of the Board of Directors of the Egyptian General Petroleum Corporation (EGPC) on Wednesday .

Minister Badawi highlighted that the ministry remains committed to fulfilling its financial obligations, ensuring the timely payment of monthly dues to partners while offering incentives to accelerate field development, production, and new exploration activities. These measures have already led to tangible improvements in field productivity, contributing to a reduction in fuel and petroleum product import costs over the coming period.

Minister Badawi also underscored the importance of cross-ministerial coordination, noting that the Ministry of Petroleum is working closely with various government entities as a unified team to address challenges and enhance domestic production.

Moreover, during the meeting, Salah Abdel Kareem, CEO of the Egyptian General Petroleum Corporation (EGPC), and Amal Tantawi, Vice President for Financial and Economic Affairs, reviewed key agenda items focused on increasing investment, fast-tracking oil and gas production, and securing financial requirements.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama