Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held talks with a delegation from TotalEnergies on expanding investments in natural gas exploration in Egypt's Western Mediterranean, with a focus on the Herodotus Basin, as per a statement.

The meeting comes as part of the ministry’s efforts to attract new investments in exploration and production activities, particularly in deepwater areas with high potential.

TotalEnergies expressed interest in the opportunities offered by the Herodotus Basin, citing its significant exploration prospects and potential to boost natural gas output. The company also outlined the possibility of launching an intensive exploration and production program in the area.

Badawi said that expanding exploration activities and offering new opportunities to international energy companies remain a key pillar of the ministry’s strategy to increase gas production and meet the targets of the five-year plan.

He also added that recent seismic survey projects in untapped areas have helped unlock promising investment opportunities.

The minister noted that the government is introducing new incentive models for oil and gas exploration in frontier regions, including the Western Mediterranean, the Red Sea, and the Southern Western Desert. These measures are designed to enhance competitiveness and attract further global investment into Egypt’s energy sector.

At the conclusion of the meeting, both sides agreed to sign a framework cooperation agreement between the Egyptian Natural Gas Holding Company (EGAS) and TotalEnergies in the coming period.