Egypt will launch one of the largest natural gas exploration campaigns in the Mediterranean in 2026, marking a major step in reviving domestic production and attracting new investments, Karim Badawi, Minister of Petroleum and Mineral Resources, said during the first episode of the ministry’s podcast PetroCast.
The year 2026 will see one of the largest exploratory campaigns in the Mediterranean Sea, including 14 exploratory wells targeting some 12 trillion cubic feet of gas (tcf), according to Badawi.
He pointed out that lower investment in exploration and production has led to a drop in local production of gas and oil since 2021. However, “the commitment to pay the monthly dues to foreign partners had encouraged them to increase production and exploration,” he said
“We saved $3.4 billion worth of imports bill, and at the same time overcame the natural decline in gas production,” Badawi added.
In 2021, gas production peaked at 6.6 billion cubic feet (bcf) and then began slipping until reaching around 4.02 bcf in June 2025. “We started to see an increase in output and in September gas output reached 4.2 bcf, and now we aim that with new investments we reach 6.4-6.6 bcf in the next five years,” Badawi said.
Major international companies have announced new investment plans, including Eni and bp investing a total of $13 billion in exploration and production over the next four to five years.
As for oil output, it is now stabilizing, said the minister, as new drilling and development activities are gaining momentum.
Oil production amounted to 600,000 barrels before stabilizing at 540,000 barrels per day (bbl/d) in February. “We will start the phase of increasing production in oil,” said Badawi, highlighting recent discoveries and investments in the Western Desert and Gulf of Suez.
The Egyptian General Petroleum Corporation (EGPC) signed in September three new deals worth more than $121 million with Perenco, UAE Dragon, and US Apache to explore for oil and gas in the Western Desert, Gulf of Suez, and North Sinai regions
Khalda Petroleum, Belayim Petroleum Company (Petrobel), and the Gulf of Suez Petroleum Company (GUPCO) made three new oil and gas discoveries in their concession areas in the Western Desert and the Gulf of Suez in May.
