Egypt’s petroleum sector cuts import bill by $3.5 B

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi revealed that the petroleum sector managed to save roughly $3.5 billion from the national import bill by ensuring sufficient gas supplies to meet domestic needs, particularly during the summer peak.

Speaking at the general assembly of the Egyptian Natural Gas Holding Company (EGAS) to review results for the 2024/2025 fiscal year, Badawi highlighted the pivotal role of seismic surveys in drawing international oil and gas companies to Egypt.

 He explained that these surveys provide detailed subsurface data that encourage investment in exploration and production activities.

During the meeting, EGAS CEO Mahmoud Abdel Hamid outlined the company’s performance, noting that nine new exploration blocks were awarded and six final agreements were signed, with total investments reaching $479 million and signature bonuses amounting to $14.5 million.

He also announced 29 new gas discoveries in the Mediterranean, Western Desert, and Gulf of Suez, in addition to three successful wells in the Mediterranean and Delta, which added 1.85 trillion cubic feet of reserves. Multiple seismic survey programs were also completed across exploration zones.