SEATTLE (Oil Monster): The Ministry of Petroleum and Mineral Resources has highlighted major achievements in Egypt’s oil, gas and mineral resources sector, citing the successful implementation of its strategic work program aimed at boosting exploration and increasing domestic production to meet local demand.
According to a ministry statement, incentive packages, the regular settlement of monthly dues to foreign partners and the clearance of legacy arrears have helped restore investor confidence and attract fresh capital. These measures halted the decline in natural gas and crude oil output for the first time in four years.
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Since August, natural gas production has entered a gradual upward trend, while crude oil output has stabilized, paving the way for renewed growth. Nearly 430 wells were brought onstream, adding about 1.2 billion cubic feet of gas and over 200,000 barrels of crude oil and condensates, helping cut Egypt’s import bill.
Exploration activity accelerated with 82 new oil and gas discoveries, most of which have already entered production. The ministry also launched a five-year exploration plan involving $6 billion in investments and signed 33 new agreements worth over $1.6 billion.
Major global energy companies have announced planned investments of around $17 billion in Egypt over the next four to five years, reinforcing the country’s position as a key regional energy hub.
