馃嚜馃嚞EgyptNorth Africa
Egypt adds 15 bcf to gas reserves after new Badr El-Din discovery
via Egypt Today2 min read
Badr El-Din Petroleum Company has announced a new natural gas discovery in Egypt鈥檚 Western Desert, projected to add approximately 15 billion cubic feet to the country鈥檚 gas reserves. The Ministry of Petroleum and Mineral Resources stated that the new well is expected to commence production by the end of the current month, with an initial output of around 15 million cubic feet per day, alongside 500 barrels per day of condensates. Khaled Abdelsalam, Chairman of Badr El-Din Petroleum, noted that 40 successful hydraulic fracturing operations in the current fiscal year contributed to adding over 10,000 barrels per day of oil and more than 15 million cubic feet per day of gas to production. Minister of Petroleum and Mineral Resources Karim Badawi emphasized the ministry's efforts to expand the use of advanced drilling technologies to increase well productivity and crude oil output, highlighting that achieving Egypt鈥檚 five-year plan to double crude oil production requires adopting advanced technologies and non-traditional solutions. Badawi also mentioned that improvements in the investment climate, including settling arrears to foreign partners and providing investment incentives, have supported production expansion and attracted further investment. He stressed that boosting domestic production helps reduce reliance on imported petroleum products and liquefied natural gas, positively impacting the national economy.
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This summary was AI-generated from a story originally published by Egypt Today.
The Foreign Ministers of Egypt, Pakistan, Saudi Arabia, and Turkey recently convened in Cairo for the fourth round of their quadrilateral meeting, reaffirming the importance of continued consultation and coordination to support peace, security, stability, and prosperity in the Middle East and the wider region. The meeting discussed regional developments following the signing of the Islamabad Memorandum of Understanding MoU between the United States and Iran on June 18, 2026. This agreement was described as a constructive step towards de-escalation and ending a conflict that posed significant risks to regional security, energy markets, international maritime routes, global supply chains, and international trade. The ministers commended the efforts of regional and international actors, particularly Pakistan and Qatar, in facilitating this agreement. They stressed the importance of faithfully implementing the commitments and achieving a swift and successful conclusion to the next phase of negotiations for a lasting resolution to remaining issues, considering the concerns of Gulf Arab states and Arab Mashriq. The ministers also reaffirmed the centrality of the Palestinian cause, emphasizing support for the legitimate rights of the Palestinian people, including self-determination and an independent Palestinian state with East Jerusalem as its capital, based on the June 4, 1967 lines. The MoU, formally signed by U.S. President Donald Trump and Iranian President Masoud Pezeshkian du
Must ReadThe Central Bank of Egypt CBE has issued a directive prohibiting banks from extending credit facilities to finance the capital of new companies or to cover increases in share capital. The circular, approved by the CBE Board of Directors on June 17, 2026, also bans the use of bank financing for cash dividend distributions and employee bonus shares. This measure is intended to strengthen controls over credit use within the banking sector and ensure that credit is directed towards productive economic activities, aligning with sound banking standards. The CBE noted that this decision reinforces earlier instructions from March 2003 and September 2021, which similarly restricted credit for company incorporation capital, capital contributions, and the financing of cash dividends to employees or shareholders. Banks are required to fully comply with these restrictions to ensure lending is focused on operational and investment purposes.
Prime Minister Mostafa Madbouly stated that real estate development projects are crucial for Egypt鈥檚 economic growth, industrial activity, and job creation. His remarks were made during a signing ceremony for a strategic partnership between Egyptian company Midar Investment and Urban Development and UAE-based Majid Al Futtaim. This partnership aims to develop an integrated urban project in Mada City, New Cairo, spanning 553 feddans with investments exceeding $3.1 billion. Madbouly emphasized that such projects demonstrate investor confidence in the Egyptian economy and position Egypt as a key destination for regional and international investment. He also referenced the State Ownership Policy Document, which promotes increased private sector participation, especially in real estate. The Prime Minister clarified that the real estate sector encompasses more than just housing, including retail, hospitality, tourism, and entertainment, all contributing to broader economic activity. He addressed criticisms regarding the state's focus on real estate, explaining that these developments are linked to numerous industries, including construction, manufacturing, food production, and retail, supporting thousands of factories. Madbouly added that the economic benefits extend beyond project completion, with ongoing commercial and service activities generating employment and supporting additional sectors. He reiterated the government's support for partnerships between Egyptian and foreign pr