Egypt's Crude Oil Production Hits Two-Year High on Partner Dues Settlement

Egypt's crude oil production has reached its highest level in nearly two years, according to Petroleum Minister Karim Badawi. The increase is attributed to settling partner dues, which has boosted local output and driven a refining boom in 2026.

The operating rates at refineries have risen to 80%, meeting local needs, reducing imports, and increasing surplus exports. First-half 2026 petroleum exports exceeded 2.3 million tons worth $2.3 billion, matching 2025's total, with second-half exports projected at 2.5 million tons.

The ministry is investing $4.5 billion in refinery development projects to bolster energy security and lower import costs. Badawi inspected Alexandria Petroleum Company's lube oil complex revamp, emphasizing safety while reviewing a LE150 million project by Reham Alfa's team that restored two 45-year-old boilers.