Port said: Prime Minister Moustafa Madbouly announced on Sunday, May 3, 2026, that the State is actively working towards adopting and localizing advanced technologies to enhance productivity in the oil and gas sectors, leveraging successful global and regional experiences. All initiatives are being pursued in collaboration with leading service companies, drilling and technology solution providers, and production partners.
According to State Information Service Egypt, the prime minister made these remarks during an inspection of the Egyptian offshore drilling rig EL QAHER II, accompanied by Minister of Petroleum and Mineral Resources, Karim Badawi. President Abdel Fattah El Sisi has directed the development of a comprehensive mechanism to advance exploration, research, and development activities to meet domestic demand and reduce imports. The government, through the Ministry of Petroleum and Mineral Resources, is actively implementing these directives in coordination with relevant entities and companies.
The visit highlighted the rig's successful completion of drilling operations for the exploratory well 'Dennis West 1X' in the Temsah concession area, offshore Port Said in the Mediterranean Sea. This drilling resulted in a promising natural gas discovery, with estimated reserves of approximately 2 trillion cubic feet of gas and around 130 million barrels of condensates. Senior officials from the petroleum sector, along with executives from Eni, the main investor in the concession area, in partnership with Britain's BP, participated in the visit.
Prime Minister Madbouly stated that the State is committed to settling all outstanding dues owed to foreign partners operating in Egypt, while intensifying efforts to attract further investment into the energy sector. These steps aim to achieve the petroleum sector's targets and maximize its contribution to national development. He also highlighted ongoing preparations of integrated infrastructure for liquefied natural gas (LNG) imports, including the deployment and operation of regasification vessels, along with continued support for increasing domestic production and expanding exploration and production activities.
Minister Badawi noted that the new 'Dennis' discovery represents a significant outcome of the Ministry's program to settle dues to foreign partners and introduce new incentives to accelerate investment in the oil and gas sector. All outstanding payments are expected to be settled by the end of June, in line with presidential directives, which will enhance investor confidence and encourage further capital inflows into exploration and production.