Cairo: Minister of Petroleum and Mineral Resources Karim Badawi held talks with Energean PLC CEO Mathios Rigas to discuss the expansion of the Greek company's oil and gas exploration and production activities in the Mediterranean. The meeting focused on the potential for expanding Energean's operations in Egypt following the resolution of outstanding financial obligations to investment partners.
According to State Information Service Egypt, Badawi emphasized that increasing domestic natural gas production is a top priority for the petroleum sector. He highlighted the state's commitment to providing incentives to encourage international partners to enhance exploration, drilling, and production activities while addressing any challenges that may hinder their work programs.
The minister underscored the importance of expediting agreements to consolidate Energean's operating areas, which would help reduce production costs and improve the economic viability of investments necessary for boosting domestic production. He noted that the state is implementing policies to strengthen investor confidence, improve cash flow in the sector, and meet financial obligations to investment partners.
Badawi pointed out that settling outstanding dues to investment partners marks a significant step toward strengthening Egypt's partnerships with international oil companies, paving the way for increased investment and expanded petroleum activities. He emphasized the need to capitalize on this development to expedite exploration and production efforts.
The discussions also included investment opportunities presented by a new international bid round for oil and gas exploration in promising areas near existing infrastructure, which would help reduce costs and expedite production.
Rigas lauded the positive cooperation and ongoing dialogue between Energean and the Ministry of Petroleum and Mineral Resources. He noted that resolving outstanding dues has created a favorable investment environment, allowing Energean to focus on expansion and increased investment. Rigas expressed optimism about Egypt's growth prospects and stated that the improved investment climate enables the company to plan for expanded investments, increased drilling, and field development activities, ultimately raising natural gas production in the future.
The meeting was also attended by key officials including Egyptian General Petroleum Corporation (EGPC) CEO Salah Abdel Karim, Egyptian Natural Gas Holding Company (EGAS) Executive Managing Director Sayed Selim, Mahmoud Nagy, the ministry's undersecretary for safety, environment, energy efficiency, and climate affairs, and Ishaq Saad, the ministry's undersecretary for production.