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 … The post Petroleum sector reports 63…
During fiscal year 2025/26, the petroleum sector in Egypt discovered 63 new oil and gas reserves and refined 28 million tons of crude, satisfying domestic demand for petroleum products, according to the Ministry of Petroleum and Mineral Resources. This information was presented on September 17, 2026, during a meeting chaired by Petroleum Minister Karim Badawi to approve the Egyptian General Petroleum Corporation's (EGPC) results for the fiscal year. The meeting included representatives from various ministries and EGPC's CEO.
Minister Badawi highlighted the resolution of outstanding dues to investment partners as a positive step in restoring investor confidence and attracting new investments. He also noted that crude oil production was gradually recovering after experiencing a natural decline. Refinery utilization reached over 80%, maximizing production capacity and boosting diesel and gasoline output.
Badawi praised the collaboration between the Ministry of Electricity and EGPC in ensuring fuel supply for power plants during the summer. EGPC CEO Salah Abdel Karim announced that the corporation had signed eight new oil and gas exploration agreements worth $377 million, resulting in 48 oil and 15 gas discoveries. The total investments in the exploration and production sector amounted to $4.5 billion.
EGPC is currently constructing the Assiut Diesel Production Complex, which is nearly 90% complete and is set to commence operations in the first quarter of 2027. The petroleum sector confirmed that it met all domestic demand for petroleum products. Additionally, the sector implemented measures to support renewable-energy projects at oilfield sites, generating 1,927 megawatts of electricity.
Furthermore, 109 community-responsibility projects were carried out in areas surrounding petroleum facilities, benefiting around 300,000 people.
Written by urgent.news from Egypt Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
