Egypt targets 20% rise in exploration, production activities in 2026 – minister

Egypt aims to increase oil and gas exploration and production activities by around 20 per cent this year as the government seeks to accelerate discoveries, boost local output and attract further international investment. Petroleum and Mineral Resources Minister Karim Badawi said on Tuesday.

Badawi made the remarks during an expanded meeting to review the performance of exploration, production and refining activities, as well as the petroleum sector’s work plans and key targets for the next five years.

He said incentives and reforms implemented by the ministry over the past two years, particularly the regular payment of investment partners’ dues, improvements to investment terms and petroleum agreements, and the offering of new investment opportunities, had strengthened investor confidence and encouraged international companies to increase investments and accelerate exploration and production programmes.

These measures have contributed to increasing local production, maximising the use of oil and gas resources, reducing reliance on imports and lowering the import bill, Badawi said.

He added that the political leadership has prioritised accelerating exploration and production activities and maximising local output, noting that recent positive results have strengthened prospects for further discoveries and production additions.

The minister highlighted the Dennis gas discovery as an important indicator of the opportunities available in Egypt’s exploration areas, alongside frontier areas, particularly the West Mediterranean, which holds significant potential.

The sector is working to develop these resources by intensifying exploration activities and attracting further investment, he said.