Sisi reviews Egypt’s oil, gas production, investment plans

Egypt’s President Abdel Fattah El-Sisi met on Wednesday with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawy to review efforts to boost oil and gas production and ensure stable energy supplies, the presidency said.

The talks focused on expanding the use of advanced extraction technologies, including hydraulic fracturing and horizontal drilling, to access hard-to-reach reserves and increase crude oil and natural gas output.

Badawy said the petroleum sector was accelerating the adoption of such technologies to raise production levels and support Egypt’s energy supply.

Sisi stressed the need to localise modern energy technologies and develop mechanisms for their efficient economic use in cooperation with international service and drilling companies as well as production partners.

The meeting also reviewed plans for an airborne survey of mineral resources aimed at boosting investment in Egypt’s mining sector.

The officials discussed recent volatility in global petroleum and gas prices linked to regional developments. Sisi reviewed measures to ensure adequate supplies of petroleum products for industrial sectors, power plants and other uses.

Badawy said the petroleum ministry was working to reduce outstanding payments to foreign partners while maintaining regular monthly payments to prevent future delays.

Sisi emphasised the importance of timely payments to international oil companies to encourage exploration and production, and called for stronger research, exploration and development efforts to meet domestic energy demand and reduce reliance on imports.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser