CAIRO, March 16 (MENA) - President Abdel Fattah El Sisi Sunday affirmed the importance of pushing forward oil and gas exploration operations and attracting further foreign investments in the petroleum sector to meet the soaring domestic demand for oil and gas products, in light of state's incentives aimed at accelerating the development of fields and intensifying production and exploration operations.

The president made the remarks during a meeting with Prime Minister Moustafa Madbouli and Minister of Petroleum and Mineral Resources Karim Badawy.

The meeting tackled exploration activities and new discoveries, particularly in the "Fayoum 5" oil and gas field located in the "King Mariout" area, with the aim of enhancing Egypt's petroleum and gas reserves, according to Presidential Spokesman Mohamed el Shennawy.

The petroleum minister reviewed the newly-signed agreements that have contributed to increasing exploration and drilling activities, the spokesman said.

As part of preparations for the summer season, minister Badawy highlighted the strategic stock of petroleum products to ensure citizens' needs are met, noting that increasing local production in the coming period would contribute to boosting reserves and strategic stockpiles.

The meeting took up developments in energy cooperation between Egypt and Saudi Arabia and the implementation of the Memorandum of Understanding signed between the two countries during the "EGYPTS 2025" conference, which was hosted in Cairo in February 2025, the spokesman stated.

President Sisi emphasized the necessity of
settling outstanding payments to oil and gas companies operating in Egypt and fulfilling financial obligations towards them, with a view to contributing to boosting local oil and gas production, providing incentives to accelerate and expanding field development and production efforts, and driving further exploration initiatives, the spokesman went on to say. (MENA)

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