Presidential directives to settle partners’ dues send a strong message of confidence to investors Early preparations underway to secure energy needs for the coming summer A new international bid round for gas exploration in the Western Mediterranean to be launched this year

Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the directives of H.E. President Abdel Fattah El‑Sisi to settle the remaining dues of investment partners in oil and gas production represent a strong message of confidence to investors in the sector. These directives further support the Ministry’s efforts to stimulate investment and increase exploration activities and domestic production, thereby contributing to reducing the natural gas import bill, particularly in light of the current challenges.

The Minister added that the Ministry is working to implement flexible economic models for marketing the petroleum and gas exploration areas offered for investment, in a manner that enhances their attractiveness to international exploration companies.

This came during the General Assembly meeting of Egyptian Natural Gas Holding Company (EGAS) to approve the budget for fiscal year 2026/2027. During the meeting, the Minister highlighted the pivotal role played by EGAS in securing and sustaining natural gas supplies to all sectors of the state, foremost among them power generation, industry, and residential consumers.

He also emphasized the importance of early preparations for the upcoming summer season by accelerating the connection of new wells to the production network, in addition to intensifying well maintenance activities.

The Minister further noted that the ongoing developments in the Middle East and their repercussions on global energy supplies have underscored the importance of the regasification vessels system as an immediate strategic solution to secure the country’s needs of imported liquefied natural gas (LNG), thereby supporting the stability of supplies and meeting the needs of various sectors, particularly during times of crisis.

For his part, Eng. Sayed Selim, Executive Managing Director of EGAS, along with the company’s deputies, reviewed the key features of the fiscal year 2026/2027 plan. The plan includes launching a new bid round for gas exploration in several blocks in the Western Mediterranean during 2026, drilling 17 exploratory wells during the upcoming fiscal year, and commencing the first phase of the seismic survey project in the Eastern Mediterranean during the second half of the year.

The meeting also reviewed the status of the recently drilled exploratory wells — West Denis-1, Sirius, and Janat-1 — with preparations underway to drill four additional wells during the second half of fiscal year 2025/2026.

In the field development domain, the plan targets the implementation of six new projects and the completion of three ongoing projects, while bringing 51 wells onto the production map during fiscal year 2026/2027.

Additionally, during the second half of the current fiscal year, work is ongoing to implement four projects and complete another project, alongside adding 25 wells to production.

The meeting also reviewed efforts to meet the needs of the local market for natural gas and secure its supply to the electricity and industrial sectors, in addition to projects aimed at strengthening the national gas grid and expanding household gas connections. During the first half of the current fiscal year, natural gas was delivered to 385,000 residential units, while the plan targets connecting 800,000 residential units during fiscal year 2026/2027.

Within the framework of the state’s efforts to ease burdens on citizens through the Decent Life Initiative, which aims to extend natural gas service to 841 of the most underprivileged villages, 675 villages have already been completed, while work is ongoing to complete the remaining villages.

In the area of expanding the use of natural gas as a vehicle fuel, approximately 43,000 vehicles were converted during the first half of the current fiscal year, with further progress underway to continue implementing the program in line with the sector’s expansion plan.