Petroleum sector reports 63 discoveries, 28 mln tons of crude refined

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.

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.

Badawi said the settlement of outstanding dues to investment partners marked a turning point in restoring investor confidence and encouraging new investments.

He added that crude oil production had begun to gradually recover after offsetting the natural decline in output.

Refinery utilization rose to more than 80 percent, helping maximize production capacity and increase diesel and gasoline output.

Badawi also praised continued coordination with the Ministry of Electricity to secure power plants’ fuel needs during the summer.

EGPC CEO Salah Abdel Karim said the corporation signed eight new oil and gas exploration agreements with investments of $377 million and recorded 48 oil discoveries and 15 gas discoveries.

Total investments in the exploration and production sector reached $4.5 billion.

The CEO said the Assiut Diesel Production Complex is about 90 percent complete and is scheduled to begin operations in the first quarter of 2027.

He confirmed that the petroleum sector met all domestic demand for petroleum products.

The sector also implemented mechanisms to encourage renewable-energy projects at oilfield sites, generating 1,927 megawatts of electricity.

In addition, 109 community-responsibility projects were carried out in areas surrounding petroleum facilities, benefiting around 300,000 people.