President Abdel Fattah El-Sisi met with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Assets Karim Badawi to evaluation efforts to extend oil and pure fuel manufacturing, in line with Presidential Spokesperson Mohamed El-Shennawy. The discussions centered on adopting hydraulic fracturing and horizontal drilling applied sciences to reinforce output.
Badawi mentioned the petroleum sector is accelerating using these applied sciences to entry assets which might be tough to extract utilizing standard strategies, serving to improve crude oil and pure fuel output.
Throughout the assembly, El-Sisi burdened the significance of localizing superior applied sciences and guaranteeing their financial implementation in cooperation with main service corporations and manufacturing companions.
Badawi additionally reaffirmed the sector’s dedication to step by step settling overdue funds to overseas companions whereas sustaining common month-to-month funds.
The President emphasised that sustaining well timed funds to worldwide oil corporations is vital to encouraging additional exploration and manufacturing and highlighted the necessity to advance exploration and improvement actions to fulfill home demand and scale back imports.
Madbouly introduced in Janaury that Egypt has cleared roughly $5 billion in arrears attributable to its overseas companions within the petroleum sector. The nation’s complete arrears for worldwide oil corporations (IOCs) have dropped from a mid-2024 peak of $6.1 billion.
The debt is anticipated to achieve $1.2 billion by the tip of June 2026, which Madbouly famous is the usual business charge. This discount aligns with the federal government’s efforts to reinforce the funding local weather and encourage overseas companions to extend exploration and manufacturing actions.
