Egypt's official announces new incentives to boost oil and natural gas production

Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, unveiled a new package of incentives aimed at increasing oil and natural gas production. The initiative is a key priority for the sector and is being implemented in collaboration with partners involved in exploration, drilling and production activities.

At the meeting, Badawi emphasised that the move shows the sector's commitment to improving the investment climate. The main objective is to attract more investment, which is necessary to increase oil and gas production.

The minister detailed the new mechanisms that will help significantly increase production levels as well as boost exploration and development drilling. This is reported by Daily News Egypt, a partner of TV BRICS.

In another initiative, Egypt's Ministry of Petroleum and Mineral Resources announced a new international tender for 2024 for natural gas and oil exploration in 12 areas in the Mediterranean Sea and the Nile Delta. 

Badawi explained that this tender contributes to Egypt's broad strategy to increase exploration in the Mediterranean Sea, where there is a growing interest in discoveries and increasing production of natural gas, which is becoming an important part of the local and global energy mix.

Photo: Daily News Egypt