Ambassador Mohamed El-Shenawy, the official spokesperson for
the Presidency of the Republic, stated that the Minister of Petroleum and
Mineral Resources reviewed the ministry's core work and activities in the
current phase. This includes focusing on production and exploration, maximizing
the value of petroleum resources through refineries and petrochemicals, and achieving
a breakthrough in the mining sector to enhance its added value. The ministry
also aims to boost regional cooperation to draw investments to Egypt's oil and
gas sectors, all while prioritizing safety, energy efficiency, and reduced
emissions. Furthermore, the ministry is collaborating with the Ministry of
Electricity and Renewable Energy to ensure an optimal energy mix that will
drive economic growth and leverage Egypt's strategic location for hydrogen
production and energy trade.
He added that the meeting covered the state's efforts to secure
citizens' petroleum needs and supply natural gas to various sectors,
particularly electricity. Discussions included the latest developments in
exploration and petroleum reserve additions. The Minister of Petroleum and Mineral
Resources reviewed key achievements from July 2024 to June 2025, highlighting
an increase in domestic oil and gas production and the sector's success in counteracting
the natural decline in natural gas output. Research and exploration activities
also saw significant expansion.
He further explained that the meeting reviewed the Ministry
of Petroleum and Mineral Resources' efforts, in collaboration with other state
bodies, to reduce outstanding payments to foreign partners. This includes a
commitment to paying monthly invoices and incentivizing partners to accelerate
production and exploration.
The discussion also covered ongoing efforts to enhance the
gas sector's infrastructure. This involves the introduction of floating
regasification units, which have significantly boosted regasification
capacities from 1,000 to 2,250 million cubic feet per day. This expansion
ensures flexible and continuous gas supplies to all sectors and helps manage
any emergency disruptions in the supply mix.
El-Shenawy also noted the meeting addressed cooperation with
Cyprus to diversify gas supplies and activate the regional gas trading hub
strategy. Efforts to revolutionize the mining sector were reviewed, including
transforming the Mineral Resources Authority into an effective economic entity,
signing exploitation agreements with international firms, launching value-added
mining industries, and attracting national capital for mineral manufacturing
and extraction.
The President emphasized the state's commitment to fostering an attractive investment environment for both foreign and national capital. This aims to boost domestic oil and gas production, meet development needs, reduce import costs, and ease the burden on citizens. He stressed the importance of developing new discoveries, accelerating their integration into production, increasing research and exploration, and offering further incentives to ensure continued growth in the petroleum and mineral resources sectors.