Egypt’s Petroleum Min. approves General Petroleum FY2026–2027 budget

Egypt’s Minister of Petroleum, Karim Badawi, approved on Monday the General Petroleum Company (GPC) investment budget for fiscal year 2026–2027.

Badawi said exploration is central to the company’s five-year plan, highlighting the use of modern technologies, including AI, to boost production and identify investment opportunities, particularly in mature fields.

Average production from July to December 2025 reached 78,000 barrels per day. Two exploratory and 26 development wells were drilled to offset natural decline, while modern technologies restored mature wells at 1,000 barrels per day. The 2026–2027 plan targets 66 wells, including eight exploratory, with total investments exceeding 8 billion Egyptian pounds. Projects also include increasing recovery rates, expanding the Asran field with $350 million investment, and a five-year plan to double production and quadruple reserves with 55 billion pounds in investments.

The company is implementing energy efficiency measures, including a 1.5 MW flare gas plant in Abu Sinan and a planned 6.5 MW solar plant in Ras Ghareb, while continuing community projects in Gharb, Hurghada, and Sinai.

Attribution: Amwal Al Ghad English