Cairo: Minister of Petroleum and Mineral Resources, Karim Badawi, emphasized that the government’s efforts over the past eight months to stimulate investment in the oil and gas sector have significantly accelerated drilling and production operations. As a result, Egypt has saved $1.5 billion in import costs within just six months.

According to State Information Service Egypt, during a meeting with members of the House of Representatives and the Senate, the minister explained that these efforts have boosted exploration activities, leading to major discoveries in the West Mediterranean and King Mariout areas. These discoveries align with Egypt’s strategy to enhance local production and reduce reliance on imports.

Badawi also highlighted the success of the Egypt International Energy Conference (EGYPS 2025), which reflects the growing interest of global companies in Egypt’s energy sector. Many international firms have expressed a positive outlook on investment opportunities in oil, gas, and renewable energy.

The minister reaffirmed Egypt’s commitment to supporting and facilitating investments in the sector, reinforcing the country’s position as a strategic energy investment hub. He attributed this to Egypt’s strong fundamentals and ongoing reforms, which continue to enhance the attractiveness of its energy market.