Minister of Petroleum and Mineral Resources Karim Badawi announced that drilling operations at the offshore Narges gas field will begin next Thursday. The field lies within the Narges concession area off the coast of El-Arish in the deep waters of the Mediterranean, with estimated recoverable reserves of 2.5 to 3.5 trillion cubic feet of gas.
Speaking at a seminar organized by the Egyptian-British Business Association, Badawi said the sector’s achievements over the past two years reflect genuine collaboration with government agencies, holding companies and foreign partners. He praised President Abdel Fattah El Sisi’s direct support, describing it as the main driver behind the growth of Egypt’s petroleum and mining sectors and stressed that transparency and integrity were central to all decisions.
On the matter of foreign partners’ receivables, the minister said reducing outstanding payments is a top priority. Efforts have cut arrears from $6.1 billion in June 2024 to $440 million currently, with the government committed to clearing all dues by the end of June.
Badawi highlighted measures to accelerate investment, noting that Egypt’s renewable energy strategy aims to raise its contribution to the energy mix to 48% by 2028, freeing additional gas for export and domestic industry and petrochemical needs. Regarding exploration, he said the sector plans to drill 101 exploratory wells in the Western Desert, Nile Delta and Mediterranean in 2026.
Discoveries include Qaher-2, in collaboration with Eni and BP in March 2026, and Shell resuming exploration activity. He also welcomed the Cypriot government’s approval of the Kronos field development plan by Eni and Total, a historic step toward linking Cypriot gas to Egypt’s liquefaction facilities for export to Europe.
In mining, Badawi announced a nationwide airborne survey starting within weeks, spanning 18 months to boost investment and reduce exploration risks. He emphasized that human resources are the country’s true wealth, noting that 50 talented mining specialists were sent to Murdoch University in Australia for training.
He said transforming the Mineral Resources Authority into an economic authority marks a major shift and announced preparations for the Egypt Mining Forum on September 28–29. Shell Egypt Chairwoman Dalia El-Gabri stated that successful partnerships require alignment between state priorities and investor expectations.
Noting that recent structural reforms in trade agreements have made Egypt a more attractive investment destination, she cited the West Mena project—set to enter production less than three years after discovery—as evidence of productive collaboration with the petroleum ministry that highlights the flexibility of commercial agreements in deepwater environments.
CEO of Harbor Energy Samah Sabry described Egypt as a cornerstone of the company’s portfolio, with production exceeding 500,000 barrels per day globally. He credited ministry incentives with boosting output and noted that foreign receivables had fallen to their lowest level.
Sabry highlighted the Desouq discovery in Kafr El-Sheikh entering production just two months after its October 2025 discovery. In mining, Hoda Mansour of AngloGold Ashanti outlined efforts to develop the Sukari gold mine, including a comprehensive asset evaluation program to improve efficiency and extend mine life to global standards.