Engineer Kareem Badawy, Minister of Petroleum and Mineral Resources, held a broad meeting at the ministry’s headquarters to review the latest developments in marketing investment opportunities and attracting investments in the exploration and production of oil and gas through the Egypt Upstream Gateway (EUG). The meeting also addressed the ongoing efforts to enhance the portal’s role within the ministry’s new strategy for investment attraction.

The meeting was attended by the ministry’s deputies, the CEO of the Egyptian General Petroleum Corporation (EGPC), and several representatives from Schlumberger, the technological partner of the portal, along with Dr. Mohamed Radwan, the portal’s director.

Minister Badawy emphasized the critical role of the EUG as a key tool for attracting investments to the petroleum sector, highlighting the ministry’s commitment to continuously improve the portal’s efficiency in providing investors with clear data and facilitating investment decisions.

He also pointed out the sector’s efforts to leverage advanced digital technology and artificial intelligence applications to enhance the portal’s capabilities in promoting real and promising investment opportunities in the exploration and production of oil and gas. The minister instructed the EUG team to intensify their efforts to optimize the portal’s operations, particularly in data management and expediting procedures for investment opportunities.

Furthermore, the minister stressed the importance of expanding the portal’s scope to include environmental projects, specifically carbon capture and storage (CCS), to contribute to reducing carbon emissions.

During the meeting, a short film documenting the achievements of the EUG since its inception was presented, followed by a presentation by Dr. Radwan, who outlined the portal’s progress over the past four years. This included the digitization of approximately 8 petabytes of geological data, the launch of 8 new global bids for exploration, and the assignment of 25 new areas for investment with minimum initial investments exceeding $1 billion.

Radwan also discussed the implementation of a new investment strategy assigned by the minister over the last three months, which saw the offering of 61 diverse investment opportunities. Moreover, he highlighted the collaboration with Schlumberger, which plans to inject new investments to further develop the portal’s technology.

Representatives from Schlumberger reaffirmed their commitment to working with Egypt’s petroleum sector to unlock the country’s potential through data utilization and modern technology, emphasizing that Egypt’s high-quality data and promising opportunities continue to attract international investors.