Karim Badawi has been Minister of Petroleum and Mineral Resources since July 2024. In June 2026, he announced that all outstanding dues owed to oil and gas partners had been settled, reducing them from around USD 6.1 billion in June 2024 to zero for the first time in years. In FY 2025/26, the Egyptian General Petroleum Corporation (EGPC) signed eight new oil and gas exploration agreements with minimum investments of USD 377 million and USD 74 million in signature bonuses. The sector recorded 63 new oil and gas discoveries and refined around 28 million tonnes of crude, as it sought to bolster domestic production and meet growing local fuel demand.