Particularly in the Fayoum 5 oil and gas field in the King Mariout area, to enhance Egypt’s oil and gas reserves. During the meeting, Badawi reviewed some agreements recently concluded, aiming to increase exploration activities.
Ambassador Mohamed El-Shennawy, the Spokesman of the Presidency stated that El-Sisi stressed the importance of exerting every possible effort to further advance exploration activities, especially with the state providing all necessary incentives to accelerate field development, intensify production and exploration operations, and continue to attract foreign investment in the petroleum sector to meet the growing domestic demand for oil and gas products.
With the ongoing preparations for the summer season, Badawi reviewed the status of the strategic reserve of petroleum products to ensure citizens’ needs are met. He noted that increasing local production in the coming period will contribute to increasing the strategic reserve.
According to El-Shenawy, the meeting also discussed cooperation with Cyprus in the gas sector and means to leverage the discovered gas reserves within Cyprus’ Exclusive Economic Zone, particularly in the Cronos and Aphrodite fields.
This will enable the transfer of gas discovered in Cypriot waters to Egypt, given its diverse capabilities, whether to exploit this gas in the Egyptian domestic market or for liquefaction in Egyptian gas facilities to be re-exported to the world markets, as Minister Badawi stated.
The meeting also addressed developments in cooperation between Egypt and Saudi Arabia in the energy sector, in light of the memorandum of understanding (MoU) signed between the two sides on the sidelines of the Egypt Energy Show (EGYPES 2025) that was held from the 17th to the 19th of February in Cairo.
Besides, El-Sisi emphasized the necessity of continuing to commit to settling outstanding payments to oil and gas companies operating in Egypt and fulfilling financial obligations towards them. This would help boost local oil and gas production, provide incentives to accelerate and expand field development and production efforts, and drive further exploration initiatives.
