Egypt Targets 20% Increase in Oil and Gas Exploration and Production by 2026

Egypt has set ambitious targets for its oil and gas sector in 2026, aiming to increase exploration and production activities by around 20%. This goal is part of a new five-year strategy aimed at expanding upstream activities, accelerating the development of new discoveries, and boosting domestic oil and gas production.

The Ministry of Petroleum and Mineral Resources' (MoPMR) statement highlights that Egypt's upstream sector will benefit from shorter well drilling timelines and accelerated exploration programs as a result of new contractual models. Karim Badawi emphasized the importance of continuing to improve Egypt's investment climate and operational efficiency to attract further investments.

The sector's plans also include investing $4.5 billion in refinery development, which is expected to boost domestic production and reduce reliance on imports. The Meliha gas processing station in the Western Desert will come online next September with a production capacity of up to 100 million cubic feet per day (mmcf/d) of natural gas.

Egypt's performance in global upstream investment indicators has improved, ranking fourth among Arab countries and 13th globally in the Upstream Risk Reward Index. The South Valley Egyptian Petroleum Holding Company (Ganope) reported that its production has reached its highest level since its establishment, targeting investments of around $250 million over the next five years.