Cairo: The petroleum sector recorded 63 new oil and gas discoveries and refined 28 million tons of crude during fiscal year 2025/26, meeting domestic demand for petroleum products, the Ministry of Petroleum and Mineral Resources said Thursday, September 17, 2026.
According to State Information Service Egypt, the results were announced at a meeting chaired by Petroleum Minister Karim Badawi to approve the Egyptian General Petroleum Corporation's (EGPC) fiscal year 2025/26 results. The meeting was attended by 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 settling outstanding dues to investment partners has been pivotal in restoring investor confidence and spurring new investments. He noted a gradual recovery in crude oil production, achieved by counterbalancing the natural decline in output. The refinery utilization soared to more than 80%, boosting production capacity and increasing diesel and gasoline output. Badawi also emphasized the ongoing collaboration with the Ministry of Electricity to ensure fuel requirements for power plants were met, particularly during the summer months.
EGPC CEO Salah Abdel Karim reported that the corporation inked eight new oil and gas exploration agreements, with investments totaling $377 million, and recorded 48 oil discoveries and 15 gas discoveries. The total investments in the exploration and production sector amounted to $4.5 billion. The CEO also mentioned that the Assiut Diesel Production Complex is nearing completion, with about 90% of the work done, and it is expected to commence operations in the first quarter of 2027.
Abdel Karim affirmed that the petroleum sector successfully met all domestic demands for petroleum products. Additionally, the sector implemented strategies to promote renewable-energy projects at oilfield sites, generating 1,927 megawatts of electricity. Furthermore, 109 community-responsibility projects were executed in areas surrounding petroleum facilities, benefiting approximately 300,000 individuals.