Badawi outlines key achievements, future goals at Golden Jubilee of Petroleum Day
Updated 11/18/2025 8:10:00 AMArab Finance: Minister of Petroleum and Mineral Resources Karim Badawi celebrated the 50th anniversary of the return of the Sinai oil fields to Egyptian sovereignty, according to a statement.
Badawi joined the employees in the petroleum sector to celebrate the Golden Jubilee of Petroleum Day at the production fields of Abu Rudeis in South Sinai, affiliated with Belayim Petroleum Company (Petrobel).
The minister honored 196 distinguished individuals in various work and production sites, including those who excelled in occupational safety and health.
In his speech, Badawi reviewed the results of implementing the ministry's strategy since July 2024 in addressing the challenges faced by the oil and gas industry.
He affirmed that the incentive measures boosted investor confidence and encouraged new investments in exploration, production, and development activities.
This is in addition to halting the decline in natural gas production and initiating a gradual upward trend since last August, with current production reaching nearly 4.2 billion cubic feet per day.
The crude oil production also stabilized and entered a positive phase that paves the way for increased production, especially with the discoveries made in the Western Desert and the Gulf of Suez.
Furthermore, he announced the discovery of 75 new oil and gas fields during this period, bringing 383 new wells online. This contributed to adding 1.1 billion cubic feet of gas and about 200,000 barrels of crude oil to the daily production capacity, saving $6.7 billion in the petroleum and gas import bill.
The ministry aims to drill more than 100 new exploratory oil and gas wells during 2026, Badawi noted.
It also deployed a proactive plan to secure gas supplies for the local market over the next five years by preparing the infrastructure for importing liquefied natural gas (LNG) and bringing in four regasification vessels with a capacity of 2.7 billion cubic feet per day.
This will ensure the fulfillment of the needs of the electricity sector, industry, and all consumers.
Oil refineries provided 34 million tons of petroleum products, generating exports worth $3.2 billion, the minister revealed.
He added that the petrochemical industry produced 4 million tons annually, with exports nearing $2.6 billion.
As for the mining sector, the minister explained that legislation had been updated following the transformation of the Egyptian Mineral Resources Authority (EMRA) into an independent economic entity.
The petroleum sector also expanded its use of renewable energy sources as an alternative to diesel at work sites. It connected natural gas to approximately 813,000 residential units across 27 governorates, converting around 80,000 vehicles to run on natural gas.
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