Cairo: Minister of Petroleum and Mineral Resources Karim Badawi commended the Egyptian General Petroleum Corporation (EGPC) for its performance in the fiscal year 2025/2026, highlighting the corporation's pivotal role in boosting domestic oil production and optimizing the use of existing oil fields. The minister noted the company's successful implementation of advanced technologies and artificial intelligence to enhance operational efficiency and production capabilities.
According to State Information Service Egypt, the minister spoke during a General Assembly meeting of the EGPC, held on September 6, 2026, which was attended by various ministers and officials, including Minister of Electricity and Renewable Energy Mahmoud Esmat and Minister of Local Development and Environment Manal Awad via videoconference. The meeting focused on approving EGPC's results for the fiscal year, where Badawi appreciated the corporation's efforts in addressing challenges in mature fields through technology and data utilization.
Badawi emphasized the significance of expanding the use of artificial intelligence and advanced technologies to drive production and operational efficiency. He also stressed the need for financial commitments to partners, supporting drilling and exploration programs, and promoting further investments in the sector. These investments, according to Badawi, are crucial for accessing new geological formations and reassessing older wells, potentially leading to new discoveries.
EGPC Chairman Mohamed Abdel Meguid presented the corporation's achievements, noting a record 12 oil discoveries, the most in its history, achieved by utilizing modern technologies for field data analysis. Daily production averaged around 77,000 barrels of oil equivalent. Abdel Meguid also announced plans for drilling the first horizontal well in the Western Desert and ongoing tests on the NEST-8 well, highlighting efforts to expand horizontal drilling and hydraulic fracturing technologies.
In terms of energy conservation, Abdel Meguid reported a 22% reduction in energy consumption, resulting in savings of $11 million. The corporation also generated $30 million in revenue by processing and shipping oil on behalf of sister companies. Total investments reached approximately EGP 8 billion, surpassing the revised budget, with additional investments from production service companies.
The EGPC maintained a strong focus on occupational health and safety, implementing an integrated safety system that resulted in 7 million safe working hours. This commitment underscores the corporation's dedication to a safe working environment and the promotion of a robust safety culture.