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Petroleum Minister Reports 591 Wells and 113 Discoveries
The article focused on statements by Egyptian Minister of Petroleum, Karim Badawi, regarding developments in Egypt's energy sector and regional markets. He explained that Egypt has successfully settled all outstanding dues with its investment partners amounting to $6.1 billion, which enhances confidence and encourages new investments. Between July 2024 and June 2026, 591 new wells were added to the production map, resulting in 113 discoveries, aimed at supporting local production and compensating for natural decline. The minister affirmed that Egypt possesses strategic capabilities to strengthen its regional position in the energy market, highlighting opportunities for cooperation with Cyprus, Greece, Italy, and Libya to connect regional resources with Egyptian infrastructure, thereby contributing to economic viability and securing regional energy supplies. He also emphasized the importance of modern technology and artificial intelligence to improve exploration and drilling operations and reduce costs. The speech touched upon the strong partnership with Cyprus, especially regarding the Cronus and Aphrodite fields, and their role in boosting gas production and regional integration. Finally, he stressed the need to move from discovery to production, working on resource development and contract model improvement to achieve sustainable economic returns and energy security for Egypt and the region.
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