The General Petroleum Company (GPC) made 12 Oil discoveries during fiscal year (FY) 2025/26, its highest annual discovery rate on record, Chairman Mohamed Abdel Meguid said during the company’s general assembly meeting to approve the company’s FY 2025/26 results, attended by Karim Badawi, Minister of Petroleum and Mineral Resources, and senior officials from the ministry, the Egyptian General Petroleum Corporation (EGPC), and other sector entities.
As Egypt’s oldest national oil and gas company, wholly owned by the EGPC, GPC has been a driving force in the country’s energy sector since its establishment in 1957. Focused on exploration, development, and production, GPC maintains an active operational footprint across key Egyptian territories, such as Sinai, the Gulf of Suez, and both the Eastern and Western Deserts. it has an average output of around 77,000 barrels of oil equivalent per day (boe/d),
Badawi described GPC as EGPC’s “right arm” in deploying modern technologies and AI, emphasizing the use of field data to identify production opportunities, improve the performance of existing wells, and uncover additional reserves.
The company is also preparing to drill its first horizontal well in the Western Desert, while testing the NEST-8 well following Egypt’s first hydraulic fracturing operation by GPC.
GPC implemented investments worth approximately EGP 8 billion during FY 2025/26, equivalent to 105% of its target.
The company reduced energy consumption by 22%, to 80,000 tons of oil equivalent, generating savings of around $11 million.It also processed and shipped about 7 million boe on behalf of sister petroleum companies through its infrastructure, generating revenues of approximately $30 million.
The company reported 7 million safe working hours during the year as part of efforts to strengthen occupational health, safety and process-safety standards.
Badawi highlighted the importance of maintaining payments to international partners to support drilling, exploration and production programs. He said access to advanced rigs and technologies supplied by partners can help companies reach new geological formations and reassess older wells using technologies that were unavailable when those wells were originally drilled.
In February, GPC said it aims to drill 66 wells, including 8 exploratory ones, with total investments of EGP 8 billion during fiscal year 2026/2027. This came as the company announced that a five-year plan is being prepared to double production and quadruple reserves, with estimated investments of around EGP 55 billion.
