Petroleum Min.: Boosting Domestic Oil and Gas Production priority

Minister of Petroleum and Mineral Resources, Karim Badawi, emphasized that increasing domestic oil and gas production is a top priority for the ministry. He highlighted its crucial role in reducing the country’s import bill and achieving key economic objectives. Badawi stressed the importance of attracting new investments to drive the development of petroleum resources and accelerate production, underscoring the need for teamwork and a focus on high-priority projects that directly enhance output.

The minister’s statements were made during the General Petroleum Company’s (GPC) general assembly meeting, held via video conference to discuss and approve the company’s investment budget for the fiscal year 2025–2026. The meeting included prominent government figures, such as Vice Prime Minister for Industrial Development and Minister of Industry and Transport Engineer Kamel El-Wazir, Minister of Electricity and Renewable Energy Engineer Mahmoud Esmat, Minister of Local Development Dr. Manal Awad, and Minister of Investment and Foreign Trade Engineer Hassan El-Khatib.

Badawi pointed to the ministry’s recently launched bidding round aimed at attracting fresh investments in key areas operated by GPC. He noted that this initiative is part of a broader package of investment opportunities designed to enhance production rates at the company’s fields.

The minister also expressed his appreciation for the efforts of the GPC team, praising their recent achievements in boosting production. He reaffirmed the ministry’s full support for the company as a wholly state-owned enterprise, emphasizing that the Ministry of Petroleum, the Petroleum Authority, and the Egypt Upstream Gateway operate as a unified team with GPC to achieve the country’s ambitious production targets.