Egypt’s Prime Minister Mostafa Madbouly oversaw a significant memorandum of understanding (MoU) signing between the nation’s petroleum sector and French energy giant TotalEnergies on 13th May 2026. This agreement focuses on cooperative efforts for natural gas exploration activities across a substantial area in the western Mediterranean. The ceremony was attended by key figures including the Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi, François Cortex, TotalEnergies’ Exploration Director for the Middle East and North Africa and Jérémy Soul, the company’s Exploration Director for the Eastern Mediterranean.
The MoU was formally executed by Sayed Selim, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), and Pascal Breant, General Manager of TotalEnergies in Egypt and Cyprus. Prime Minister Madbouly emphasized the government’s unwavering commitment to fostering further investment in exploration and research. He highlighted the provision of incentives and facilities designed to attract international partners, with the ultimate goal of increasing new discoveries and expediting the development of existing fields. This strategic approach aims to boost domestic production and subsequently reduce Egypt’s reliance on energy imports.
The Prime Minister further noted that recent discussions with executives from various international oil companies during the Egypt Energy Show underscored the state’s dedication to cultivating an appealing investment climate within the energy sector. These assurances are intended to encourage partners to expand their operational footprint in Egypt’s dynamic oil and gas industry.
Petroleum Minister Karim Badawi elaborated on the framework established by the western Mediterranean exploration MoU, detailing that it encompasses technical cooperation, preliminary natural gas exploration studies, and subsea technical assessments. He expressed optimism that this agreement will facilitate practical exploration endeavors in the region and contribute to mitigating investment risks associated with such ventures.
Minister Badawi revealed that the agreement with TotalEnergies is the result of extensive, high-level dialogues initiated during the visit of TotalEnergies’ Chief Executive Officer, Patrick Pouyanne, to Cairo for the opening of this year’s EGYPES conference. These discussions centered on the company’s renewed focus on gas exploration activities within Egypt, particularly in the western Mediterranean, and the promising opportunities arising from the sector’s current investment incentives and ongoing reform initiatives. He warmly welcomed TotalEnergies’ return to gas exploration in Egypt, characterizing the partnership as a direct outcome of the ministry’s concerted efforts to enhance the investment environment through attractive incentives, diversified regulatory frameworks, and the prompt resolution of outstanding dues owed to partners.
According to Minister Badawi, these strategic measures have been instrumental in rebuilding confidence among international energy companies, motivating them to intensify their exploration, field development, and drilling operations. This increased activity is crucial for augmenting domestic production and reinforcing Egypt’s energy security. The petroleum sector, he added, continues to present compelling investment prospects for strategic allies aiming to bolster exploration and expand Egypt’s natural gas reserves, aligning with the ministry’s strategy for sustained growth in domestic output. The Minister also underscored the Mediterranean’s status as a priority region for expanding gas exploration, citing its considerable untapped potential, complemented by Egypt’s advanced infrastructure and deep-seated expertise, positioning the nation for enhanced collaborations with leading international energy firms.
