The General Petroleum Company (GPC) targets drilling 66 wells, including 8 exploratory ones, with total investments of EGP 8 billion during the coming fiscal year, Chairman Mohamed Abdel Mageed told the company’s General Assembly convened to approve the FY 2026/27 investment plan.
Chairing the meeting, Karim Badawi, Minister of Petroleum and Mineral Resources, emphasized that exploration activity represents a key pillar in implementing the company’s five-year plan to maximize production rates. He underlined the importance of expanding the use of modern technologies and praised GPC’s workforce, describing GPC as a successful model in applying technological solutions in data analysis and identifying promising investment opportunities, especially in mature fields.
Abdel Mageed noted that a five-year plan is being prepared to double production and quadruple reserves, with estimated investments of around EGP 55 billion.
GPC made investments totalling EGP4.1 billion during the period from July to December 2025. During that period, the company averaged approximately 78,000 barrels per day (bbl/d), including production from its own fields and its share in joint ventures (JVs), Abdel Mageed noted.
He explained that GPC has drilled two exploratory wells and 26 development wells to offset natural production decline, and has expanded the use of modern technologies, which helped restore several mature wells to production at a rate of 1,000 bbl/d.
The company plans to double exploratory drilling during the first half (H1) of 2026 to enhance reserves and increase crude oil and gas production, in parallel with the implementation of a number of projects to develop and expand infrastructure and production facilities, said Abdel Mageed.
During the meeting, the minister highlighted the importance of technical studies to maximize the use of modern industrial wastewater treatment and recycling technologies. He also emphasized expanding renewable energy projects at the company’s locations in coordination with the Ministry of Electricity and Renewable Energy.
In this respect, Abdel Mageed highlighted the company’s ongoing enhanced oil recovery (EOR) projects and the accelerated development of the Issaran oil field in the Eastern Desert, with investments of $350 million over the first five years.
As part of efforts to reduce carbon emissions and improve energy efficiency, he pointed to the operation of a 1.5-megawatt (MW) flare gas power generation plant in the Abu Sennan area, with capacity expandable in the future, in addition to plans to establish a 6.5 MW solar power plant in Ras Gharib.
