Egypt Petroleum Sector Achieves 63 New Discoveries and Refines 28 Million Tons of Crude in Fiscal Year 2025/26

The petroleum sector recorded 63 new oil and gas discoveries and successfully refined 28 million tons of crude during fiscal year 2025/26, fully meeting domestic demand for petroleum products, the Ministry of Petroleum and Mineral Resources announced on Thursday, September 17, 2026.

These results were officially revealed during a meeting led by Petroleum Minister Karim Badawi to approve the fiscal year 2025/26 results for the Egyptian General Petroleum Corporation’s (EGPC). The gathering included key officials such as Electricity and Renewable Energy Minister Mahmoud Esmat, Local Development and Environment Minister Manal Awad, Investment and Foreign Trade Minister Mohamed Farid, and EGPC CEO Salah Abdel Karim.

Minister Badawi highlighted that resolving outstanding financial dues to investment partners served as a crucial turning point for rebuilding investor confidence and attracting fresh investments. He noted that crude oil production has started a gradual recovery after successfully compensating for natural output declines. Furthermore, refinery utilization climbed past 80 percent, maximizing production capacity and boosting the manufacturing of diesel and gasoline. Badawi also commended the ongoing collaboration with the Ministry of Electricity to guarantee fuel supplies for power plants throughout the summer months.

EGPC CEO Salah Abdel Karim reported that the corporation finalized eight new oil and gas exploration contracts, securing $377 million in investments while documenting 48 oil discoveries and 15 gas discoveries. Overall investments across the exploration and production sector hit $4.5 billion. Abdel Karim mentioned that construction on the Assiut Diesel Production Complex is nearly 90 percent finished, with operations expected to launch in the first quarter of 2027, and reaffirmed that the petroleum sector successfully fulfilled all local fuel requirements.

Additionally, the sector advanced renewable-energy initiatives at various oilfield locations, yielding 1,927 megawatts of electricity. Alongside these energy efforts, 109 community-responsibility projects were executed around petroleum facilities, positively impacting approximately 300,000 residents.