Karim Badawi, Minister of Petroleum and Mineral Resources, said in a statement on Saturday that the decline comes as part of preparations to fully settle outstanding dues and reach zero arrears by the end of next month.
In a statement released on Saturday, the ministry said that Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the EDC-56 drilling rig, which carried out drilling operations in the West Abu Madi area of Kafr El-Sheikh Governorate, approximately 3 kilometers offshore in shallow waters at a depth of about 10 meters.
The Gazette also announced the President’s ratification of Law No. 163 of 2025, granting authorization to the Minister of Petroleum and Mineral Resources to contract with EGPC and Dragon Oil Egypt Holding 1 Limited to explore for and exploit petroleum in the East Al-Hamad area in the Gulf of Suez.
In a statement, the ministry said that production tests conducted by the Gulf of Suez Petroleum Company (GUPCO) showed output levels of approximately 2,500 barrels of oil per day and 3 million cubic feet of natural gas, with the well immediately connected to existing production facilities.
The statement came during a meeting between President El-Sisi and a delegation from ExxonMobil, led by Ardil Küçükkaya, to review the company’s ongoing exploration activities across Egypt’s onshore and offshore territories.
