Alexandria:Egypt is poised to become a significant energy hub in the Mediterranean, thanks to its robust infrastructure, According to country's Minister of Petroleum and Mineral Resources, Karim Badawi.

According to State Information Service Egypt, Minister Badawi emphasized the strategic importance of regional collaboration with nations such as Cyprus and the use of Egypt's liquefied natural gas (LNG) facilities located in Idku and Damietta. These facilities are crucial for linking gas resources to international markets.

In his address at the Mediterranean Offshore Conference and Exhibition (MOC 2026) in Alexandria, Badawi announced that Egypt's petroleum sector had fully cleared its $6.1 billion debt to foreign partners. He also revealed the successful integration of 591 new wells and the identification of 113 new discoveries, initiatives aimed at counteracting the decline in domestic production and fostering an appealing, sustainable investment climate.

Between July 2024 and June 2026, Egypt's petroleum sector achieved significant progress in drilling and exploration while continuing to enter new agreements and execute development programs. These efforts are part of a broader strategy to enhance operational efficiency and ensure a steady supply to the domestic market, which caters to a population of 120 million.

Badawi reiterated the sector's dedication to industrial advancement and the enhancement of infrastructure integration with regional resources. He acknowledged the contributions of international partners and technical teams within the petroleum sector, who have collectively navigated geopolitical challenges to achieve these milestones.