Petroleum and Mineral Resources Minister Karim Badawy said the settlement of arrears owed to international partners last June represents a milestone for restoring confidence, boosting investment and raising oil and gas production. He noted that partners’ continued commitment despite payment challenges reflected trust in Egypt’s petroleum sector as a safe and attractive investment environment.
Badawy highlighted that increased drilling and exploration over the past two years helped curb natural decline in gas output and paved the way for gradual recovery. A total of 149 exploratory wells yielded 112 new discoveries, and preparations are under way to sign 13 new agreements worth over $1 billion. He also announced the launch of a new seismic survey in Egypt’s western desert near the Libyan border, covering 110,000 km², to attract fresh investment in untapped areas.
Egyptian General Petroleum Corporation CEO Salah Abdel Karim reported that exploration in the past two fiscal years produced 88 oil and 24 gas finds, including the “Denis” gas discovery in Port Said. Nineteen agreements were signed with minimum investments of $823 million, and 13 more are being prepared. He underlined efforts to narrow the gap between production and consumption of diesel, gasoline and LPG by raising refinery utilisation from 66% to over 80% in less than a year, supported by new projects in Assiut and Suez.
EGAS Managing Director Sayed Selim confirmed that exploration activity rose sharply, with 15 wells drilled and 10 discoveries in 2025/26 compared with minimal activity five years earlier. Eleven new areas were awarded and five agreements signed, alongside a seismic survey in the eastern Mediterranean with Schlumberger and Veridien.
South Valley Holding Chairman Samir Raslan reported production rising to 33,000 barrels per day in 2025/26, supported by 33 development and 11 exploratory wells. He outlined plans to raise output to 44,000 barrels per day in 2026/27 and 65,000 barrels per day by 2030/31, backed by seismic surveys and new exploration opportunities in southern Egypt.
