Badawi reviews importance of seismic surveys at EGAS’s assembly meeting for FY2024/25
Updated 9/11/2025 1:56:00 PM
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi affirms the importance of seismic surveys, which are a key incentive for attracting companies interested in operating in the oil and gas sector in Egypt, according to a statement.
Badawi added that the surveys provide comprehensive data on petroleum reservoirs, encouraging these firms to invest in exploration and research.
During the general assembly meeting of the Egyptian Natural Gas Holding Company (EGAS), the minister reviewed the results of the main natural gas activities for the fiscal year (FY) 2024/2025.
He expressed his gratitude and appreciation for the efforts of petroleum sector employees who contributed to preparing land facilities at ports to receive and moor LNG vessels.
The petroleum sector has succeeded in saving approximately $3.5 billion from Egypt's import bill, the minister indicated.
Badawi affirmed that these measures represent an exceptional plan to secure supplies, while increasing local production by intensifying research and exploration operations and making discoveries.
He also underlined the importance of coordinating gas delivery companies to homes and factories with various relevant agencies to ensure the continued implementation of all safety.
For his part, Mahmoud Abdel Hamid, Managing Director of EGAS, said the company was awarded nine new exploration blocks and finalized six new agreements with total investments amounting to $479 million and total signature bonuses of $14.5 million.
Abdel Hamid also revealed that 29 natural gas discoveries were made in the Mediterranean Sea, the Western Desert, and the Gulf of Suez, in addition to three successful wells in the Mediterranean Sea and the Delta.
The volume of added gas reserves during FY 2024/2025 reached 1.85 trillion cubic feet.
Additionally, seven new gas field development projects were implemented, as well as 23 development wells, with a total investment of nearly $1.7 billion.
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