Egypt Crude Oil Output Hits Highest Level in Two Years Amid Investment Surge

Minister of Petroleum and Mineral Resources Karim Badawi announced that Egypt's crude oil production has reached its highest level in nearly two years, following a successful strategy to attract investment and boost domestic output. The increase is attributed to the settlement of outstanding dues to international oil companies (IOCs) and encouraged energy partners to accelerate investment, expand exploration activities, and enhance field development and production.

The rise in crude oil and condensate production has strengthened Egypt's refining sector in 2026, with refinery utilization rates climbing to nearly 80%. This improvement has led to higher availability of petroleum products in the local market, reduced imports, and supported increased exports. Petroleum product exports exceeded 2.3 million tons in the first half (H1) of 2026, matching the country's total exports for the whole of 2025.

The Cairo Oil Refining Company (CORC) complex in Mostorod has increased its monthly output by 45,000 tons of gasoline and 40,000 tons of jet fuel. The Alexandria National Refining and Petrochemicals Company (ANRPC) is operating at over 110% of design capacity. Badawi added that the ministry is moving forward with a new package of refinery development projects with investments estimated at $4.5 billion to support energy security, reduce the import bill, and enhance the competitiveness of Egyptian exports.