Egypt targets output boost through new drilling, investment reforms

Egypt’s Minister of Petroleum Karim Badawi held an extensive meeting on Wednesday with heads of oil and gas production companies and international firms operating in petroleum services, technology, and drilling.

He stressed that attracting investment remains a core priority, aimed at boosting production from existing fields through optimal reservoir management and intensifying exploration to develop new resources supporting domestic output.

The minister confirmed that overdue payments to partners will be fully settled by the end of June, alongside regular monthly payments, helping improve the investment climate.

He said the ministry is preparing a five-year plan to achieve a major increase in oil and gas production by attracting investment and applying advanced technologies.

He highlighted plans to expand horizontal drilling and hydraulic fracturing, with the Egyptian General Petroleum Corporation (EGPC) preparing a new incentive model and modern contracts to speed up implementation, cut costs, and improve efficiency.

Badawi stressed urgent efforts to raise production before the summer through better reservoir management, faster exploration, and new reserve additions to reduce imports and secure energy supplies.

He pointed to rising global prices, with crude increasing from about $62 to nearly $100 per barrel and LNG import costs rising to around $20 per million British thermal units, underscoring the need for higher local output.

He also called for close follow-up on a plan to drill 101 exploratory wells this year, citing progress in the Dennis West well in Port Said with estimated reserves of about 2 trillion cubic feet.

Attribution: Amwal Al Ghad English