Cairo: Prime Minister Mostafa Madbouli met with Minister of Petroleum and Mineral Resources Karim Badawi on Thursday, April 2, 2026, to review many files related to the energy sector, including production, investment, and efficiency measures.

According to State Information Service Egypt, the meeting focused on securing a stable supply of petroleum products and increasing output through advanced technologies like hydraulic fracturing and horizontal drilling.

Badawi highlighted that the ministry has ambitious plans to drill more than 100 exploration wells in 2026, alongside the continuous development of existing fields. The minister also noted a significant reduction in dues owed to foreign partners, from $6.1 billion in July 2024 to about $1.3 billion, with intentions to fully settle these debts by mid-next year. These financial improvements have facilitated new investments from international companies such as Eni, BP, and Apache.

The discussions also covered strategies to reduce energy consumption and lower import costs. As part of these efforts, the ministry has reported 83 new oil and gas discoveries and the addition of 363 wells to production. Ongoing seismic surveys and bid rounds in the Red Sea are part of the broader plan to enhance exploration and production activities.

Badawi emphasized the strong participation in the Egypt Energy Show (EGYPES) 2026, which signals growing international interest in Egypt’s energy sector. The event also saw the signing of significant agreements, including a solar power project in Aswan and development plans for the Harmattan gas field in the Mediterranean.