Egypt Boosts Oil and Gas Production Amid Investment Revival

Egypt's Minister of Petroleum and Mineral Resources Karim Badawi announced that the country is accelerating efforts to increase local oil and gas production. The decline in Egypt's oil and gas production between mid-2021 and mid-2022 was caused by a slowdown in investment due to accumulated arrears owed to foreign partners, which reached approximately $6.1 billion in June 2024.

The government has cleared these arrears, bringing them down to zero by June 2026. As a result, exploration, drilling, and production activity increased by around 20% in 2026, with international partners expanding their operations and creating ambitious plans to drill new wells and increase exploration and production.

Crude oil production has begun to recover, while the government is targeting higher natural gas production in the fiscal year (FY) 2026/2027. The sector registered 112 new oil and gas discoveries over the past two years, including 88 crude oil finds and 24 natural gas discoveries.