Minister of Petroleum and Mineral Resources Karim Badawi asserted that Egypt has strong infrastructure enabling it to play a pivotal role as a regional energy hub in the Mediterranean region. He highlighted the importance of regional cooperation with countries such as Cyprus and leveraging Egypt’s liquefied natural gas (LNG) facilities in Idku and Damietta to connect gas resources with international markets.
In his opening speech at the Mediterranean Offshore Conference and Exhibition (MOC 2026) in Alexandria on Tuesday, October 20, 2026, the minister said Egypt’s petroleum sector had fully settled its outstanding dues to foreign partners, amounting to $6.1 billion.
He added that 591 new wells had been brought on stream and 113 new discoveries had been made, as part of efforts to offset declining domestic production and create an attractive, sustainable investment environment. Badawi noted that, between July 2024 and June 2026, the sector had achieved these drilling and discovery results while continuing to sign new exploration agreements and implement development programs aimed at improving operational efficiency and ensuring sustainable supplies to meet the needs of the domestic market, which serves a population of 120 million.
Badawi reaffirmed the sector’s commitment to advancing industrial development and strengthening integration between infrastructure and regional resources. He also expressed his appreciation to international partners and petroleum sector technical teams for their efforts and collective work in overcoming geopolitical challenges and achieving these results.
House speaker mourns death of MP Saad el Gammal Egypt sees major expansion in agricultural development projects House speaker mourns death of MP Saad el Gammal Egypt sees major expansion in agricultural development projects