The Egyptian General Petroleum Corporation (EGPC) recorded 63 new oil and gas discoveries and refined around 28 million tons of crude during fiscal year (FY) 2025/26, as it worked to raise domestic production and meet local fuel demand.

Minister of Petroleum and Mineral Resources Karim Badawi chaired EGPC’s board meeting to approve its FY 2025/26 results, attended by Electricity and Renewable Energy Minister Mahmoud Esmat, Local Development and Environment Minister Manal Awad, and Investment and Foreign Trade Minister Mohamed Farid.

Badawi said settling partners’ outstanding dues helped restore confidence and encouraged companies to increase investment in drilling, exploration and field development. He added that crude oil production has started to increase after efforts to offset natural field declines.

EGPC CEO Salah Abdel Kerim said the corporation signed eight exploration agreements carrying minimum investments of $377 million and $74 million in signature bonuses. It also signed nine field development contracts and recorded 48 oil and 15 gas discoveries. Exploration and production investments reached about $4.5 billion.

EGPC raised refinery utilization from around 67% to more than 80%, helping increase diesel production and bring gasoline output to maximum capacity. Refineries processed around 28 million tons of crude, up from 25.3 million tons a year earlier.

The Assiut National Oil Processing Company (ANOPC) diesel complex has meanwhile reached around 90% completion, with operations planned for Q1 2027.

The progress follows ANOPC’s April 2026 announcement that the complex was nearly 88% complete. The more than $3 billion project is designed to produce 2.8 million tons of Euro 5-compliant diesel annually and reduce Egypt’s fuel imports.