Egypt's Minister of Petroleum and Mineral Resources, Karim Badawy, announced that the ministry seeks to expand gas and oil production by signing 145 current commitment agreements with 40 partners for oil and gas exploration in Egyptian territories. The Minister stated before the parliamentary committee overseeing the government's program that the ministry plans to drill 110 exploration wells, with total investments of $1.2 billion during 2024-2025, and 586 exploration wells with a total investment of $7.2 billion by 2030.
The Minister of Petroleum noted an increase in petroleum product exports from Egypt, reaching $8.6 billion, while gold production was 559,000 ounces in 2023-2024, with a target of reaching 800,000 ounces by 2030. He explained that mineral raw material production exceeded 17 million tons, with a goal to increase it to 30 million tons by 2030. The ministry also aims to reduce carbon emissions by 2.5 million tons annually by 2030, with an investment cost of $2 billion.
Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, will inaugurate the third edition of the Egypt Mining Forum tomorrow, Tuesday, which will take place over two days in Cairo with a wide international presence of high-ranking officials, mining industry leaders, investors, major Egyptian and global companies, funding institutions, and experts.
