Minister of Petroleum and Mineral Resources, Karim Badawi, recently presented the ministry’s statement to the parliamentary committee reviewing the new government’s program. He revealed that there are currently 145 active commitment agreements for oil and gas exploration with 40 partners. The plans include drilling 110 exploratory wells for gas and oil with a total investment of $1.2 billion during the fiscal year 2024/25, and 586 exploratory wells with a total investment of $7.2 billion by 2030.

In his address, Badawi expressed his gratitude: “I am honored to join you at the launch of the parliamentary committee’s meeting to discuss the government’s program. I extend my thanks to President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly for entrusting me with the role of Minister of Petroleum and Mineral Resources.”

Badawi acknowledged the significant responsibility and the expectations of the Egyptian people for the petroleum and mineral wealth sector to meet energy needs across various state sectors. He emphasized that energy is crucial for daily life and development in Egypt, contributing to the achievement of Egypt’s Vision 2030.

Badawi outlined his top priorities, which include ensuring continued coordination with the Ministry of Electricity and Renewable Energy to provide necessary fuel supplies for power plants. He also highlighted the importance of coordinating with foreign partners to schedule and pay outstanding dues to encourage further investment, aiming to boost the production of crude oil and gas rapidly.

He stressed the principles he will adhere to, including complete transparency in presenting issues, frankness in discussing positives and challenges, and clear plans to address those challenges. Badawi emphasized the importance of integration and teamwork with various ministries and agencies, and cooperation with the House of Representatives, the Energy Committee, and other committees to achieve common goals.