British companies, including BP, Shell, Harbour Energy, and Capricorn show increased interest in Egypt with an obvious commitment to inject substantial investments into is evident of the appeal of Egypt’s energy investment landscape, said Karim Badawi, Minister of Petroleum and Mineral Resources, during his meeting with Mark Bryson-Richardson, the British Ambassador to Cairo, and his accompanying delegation, on November 20.
The Minister also highlighted Egypt’s growing role as a regional gas and oil trading hub, which receives significant quantities of gas, particularly those expected from Cypriot fields, that can be directed to value-added industries. He also reviewed the ongoing mutual projects in the oil, gas, petrochemical, and mining sectors.
The Ambassador commended Egypt’s significant efforts to develop its mining sector and create a favorable investment climate. He added that many British companies are seeking to explore investment opportunities in Egypt in the petrochemical and mining sectors, especially in vital minerals, Sustainable Aviation Fuel(SAF), and other important strategic projects.
British energy giants have made headlines in Egypt with renewed interest in the country. Eni has committed to invest $8 billion in Egypt through 2030, in addition to extending its Gulf of Suez and Nile Delta concession until 2040. Meanwhile, Harbour Energy made the first gas discovery in the Nile Delta in two years in October, following the drilling of the North Sidi Ghazy 1-9 exploration well. Badr El Din Petroleum (BAPTECO), which is co-owned by Capricon, has produced an average of 53,000 barrels of oil equivalent per day (boe/d), drilled 18 wells with total investments amounting to $183 million throughout FY2024/25.
