Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, met with Mr. Mathios Rigas, CEO of Energean, in the presence of Mr. Nicolas Katcharov, Energean's Country Manager in Egypt. The meeting was held to review the company's plans to expand its exploration and natural gas production activities in the Mediterranean, as well as to discuss prospects for cooperation to scale up its operations in Egypt in the upcoming period, in light of the settlement of the dues of investment partners in Egypt.
The Minister emphasized that boosting domestic gas production tops the petroleum sector's priorities, pointing out Egypt's keenness to provide the necessary incentives to encourage partners to expand exploration, production and field development activities, while actively resolving any challenges that might hinder the implementation of work programs.
Furthermore, the Minister asserted the importance of accelerating and finalizing the procedures of Energean's concession merger agreements as soon as possible. He highlighted that merging concessions serves as an effective mechanism to reduce oil and gas production costs, thereby enhancing the economic feasibility of investments required to support domestic production.
He added that Egypt continues to implement policies aimed at building confidence in the investment climate, increasing cash flows for the sector, and honoring commitments toward investment partners. This enables companies to allocate more investments for drilling, exploration, and field development, while fostering the acceleration of work programs execusion and achieving tangible production increases.
He also pointed out that the progress achieved regarding partners' dues represents a significant turning point in strengthening partnerships with international oil companies. It paves the way for a new phase of increased investments and expanded petroleum operations, affirming the commitment to capitalizing on this momentum to drive production and exploration forward.
The Minister also reviewed the investment opportunities offered through the new international bid round for oil and gas exploration in promising areas, distinguished by their proximity to existing infrastructure and facilities, which helps reduce investment costs and shorten the time required to bring discoveries on stream.
For his part, Mathios Rigas, CEO of Energean, praised the positive cooperation and ongoing dialogue with the Ministry of Petroleum and Mineral Resources. He affirmed that the measures taken to settle partners' dues have created a more positive environment, shifting the focus from resolving challenges to embarking on a new phase centered on expansion and investment growth.
Rigas highlighted that the company views growth opportunities in Egypt positively, emphasizing that the improved investment climate unlocks new plans to maximize Energean's investments, scale up drilling and field development activities, and boost gas production rates in the upcoming period.
Minister of Petroleum and Mineral Resources Discusses with Energean CEO Boosting Investments in Egypt -2
Minister of Petroleum and Mineral Resources Discusses with Energean CEO Boosting Investments in Egypt -3
