Cairo: The Egyptian General Petroleum Corporation (EGPC) has given the green light for amendments to Alamein Petroleum Company's current fiscal budget and the proposed budget for the 2026/27 fiscal year. Salah Abdel Kerim, CEO of EGPC, stated that these changes are essential to incorporate continuous innovation and integrated technical solutions in the company's concession areas, which have complex geological conditions.

According to State Information Service Egypt, these amendments aim to boost output while reducing the cost of production per barrel. This is particularly crucial to counteract the natural decline observed in mature oil fields. Abdel Kerim emphasized the success of ongoing exploration efforts, pointing to the Z3 well, which has been integrated into production facilities and is yielding approximately 650 barrels per day for the company.

Hafez El-Shamy, Chairman of Alamein Petroleum, presented the updated budget, announcing a planned investment of $26 million for the fiscal year 2026/27. This investment is aimed at achieving a production target of 2,000 barrels per day of raw oil. The meeting, which included EGPC vice presidents and leaders from Tharwa Petroleum and General Petroleum Company (GPC), signaled a collective strategy to enhance the efficiency of Egypt's brownfields through the use of modern technology and adherence to environmental standards.

Ehab Ragaee, First Undersecretary for Production at the Ministry of Petroleum and Mineral Resources, participated via video conference. He stressed the importance of sustainable infrastructure and advocated for connecting field operations to the National Electricity Grid. This initiative aims to reduce reliance on transported fuels, thereby decreasing road hazards and minimizing operational risks.

Alamein Petroleum operates the Horus and Lotus concessions in partnership with EGPC and national entities like Tharwa Petroleum and GPC.