Minister of Petroleum and Mineral Resources Karim Badawi announced that the petroleum sector is currently producing 1.4 million barrels of oil equivalent per day (mmboe/d).

He noted that new production was added during the first quarter of the 2024/25 fiscal year, including 30,000 barrels of oil per day (bbl/d) and 133 million cubic feet per day (mmcf/d) of natural gas.

Badawi made this significant announcement during his presentation at the weekly Cabinet press conference, where he provided updates on the petroleum sector’s latest developments, the operational results for 2024, and the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy.

Badawi elaborated that the ministry seeks to increase production rates to achieve self-sufficiency and reduce imports bill. He also explained the efforts of the operating companies to return the production to its level.

Badawi noted that the petroleum sector achieved 54 new discoveries in 2024, comprising 40 oil discoveries and 14 natural gas discoveries. He stated that these discoveries have added estimated reserves of 71 million barrels of oil (mmbl) and 680 billion cubic feet of natural gas (bcf).

The minister also highlighted ongoing exploration activities carried out by both foreign partners and national companies. Regarding agreements, he mentioned that the Egyptian petroleum sector signed seven agreements in 2024, with a total signature bonus of $13.5 million, minimum investments of $367.5 million, and a commitment to drill at least 32 wells.

Referring to the most recent bid round, Badawi projected that 15 agreements would be signed in 2025, with a total signature bonus of $20 million and minimum investments of $748.5 million, alongside a commitment to drill at least 46 wells.

Looking ahead to 2025, the minister emphasized that production development is already underway, showing promising signs. He outlined key priorities for the coming year, including accelerating production, intensifying exploration efforts, optimizing refining capacities, expanding natural gas connections to households, and launching a digital platform for the mining industry.