Egypt’s Khalda Petroleum targets $1.043bln investment after 15 discoveries

Egypt’s Khalda Petroleum made 15 oil discoveries in the first half of fiscal year 2025/2026, adding estimated reserves of around 15 million barrels of oil equivalent, as the company targets $1.043 billion in investments next fiscal year.

The numbers came during the company’s general assembly on Saturday. Khalda drilled 26 new development wells and carried out 75 recompletion operations in the first half, achieving 100 per cent of its oil equivalent production target and 107 per cent of its natural gas target.

During the second half of the current fiscal year, the company plans to drill 26 exploration wells, 31 additional development wells and carry out 45 recompletion operations.

Khalda also implemented a pre-summer plan with EGAS and GASCO to raise production rates and connect additional gas volumes to the national grid to meet seasonal demand, with support from Petrojet on production lines and facility upgrades.

For fiscal year 2026/2027, Khalda plans to drill 47 exploration wells and 57 production wells, while continuing projects including oil and gas pipelines and an electricity grid in the Razzaq area.

The company said it would also complete the second phase of its digital transformation system for health, safety, and environment management, upgrade firefighting systems, and train a specialised accident investigation team. Khalda has also launched a new corporate identity, including an updated logo, vision, mission and values.

Petroleum Minister Karim Badawi urged faster drilling and exploration to maximise potential at Khalda’s Western Desert fields. He also called for wider use of modern seismic reprocessing technologies to identify new opportunities and cut investment risks. Badawi said lowering production costs per barrel remained a priority to improve project economics, attract new exploration spending and raise domestic output.

Attribution: Amwal Al Ghad English