By:Egyptoil-gas

Madbouly stated during a weekly press conference held on January 8, 2025, following the Cabinet meeting. “Since the crisis began, the government has committed to preventing any return to power outages. We have focused on ensuring the proper operation of petroleum companies in Egypt and restoring production levels to what they were before the crisis. This has been achieved through incentive programs and by settling arrears and financial obligations.”

Madbouly continued stating that the Ministry of Petroleum and Mineral Resources (MoPMR) has made a great effort and work during the past period, the result of which was that in coordination with the companies currently operating in Egypt.

Accordingly, the country succeeded in having these companies increase the productivity of the existing fields, which naturally would have decreased every year.

Thanks to the stimulus measures, the government has successfully brought these companies back to work. As a result, it is estimated that with the return of many fields to full production, Egypt will save $1.5 billion over the next six months.

This $1.5 billion represents the amount Egypt would have had to pay due to the decline in productivity of existing fields if the companies had not responded to the modernization programs implemented by the government. This significant saving highlights the success of the state’s efforts in reducing the energy sector’s reliance on importing petroleum products.

The Prime Minister further explained that the government is actively addressing the monthly payments to foreign partners, with arrears being systematically scheduled. Additionally, efforts are underway to attract large companies back to the market, helping to compensate for the losses experienced in previous periods.

Madbouly highlighted that these efforts are being bolstered through regional cooperation with neighboring countries. He referred to the Egyptian-Greek-Cypriot summit, chaired by President Abdel Fattah El-Sisi, on January 8, 2025.

He also emphasized the strong collaboration with Cyprus to import Cypriot natural gas, noting that the state is pursuing this initiative with determination. This effort not only strengthens the energy sector but also aligns with Egypt’s strategic goal of becoming a regional hub for gas trading in the Eastern Mediterranean.