Khalda Petroleum Company, a joint venture(JV) between the US-based Apache Corp and the Egyptian General Petroleum Corporation (EGPC), made 15 oil discoveries and bolstered its reserves by approximately 15 million barrels of oil equivalent (mmboe) during the first half (H1) of fiscal year (FY) 2025/26, according to Moataz Atef, Country Chairman and Managing Director. Furthermore, the company met 100% of its oil output target and exceeded its natural gas target by 7%.
The announcement was delivered during the company’s general assembly, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources. The session was convened to approve the updated budget of the company for FY 2025/26 and discuss the plan for FY 2026/27.
During the same period, the company drilled 26 development wells and carried out 75 work overs, he said, adding that the company plans to drill 26 exploration wells, 31 development wells, and execute 45 additional work overs during the second half (H2) of the year.
Khalda fast‑tracked the pumping of additional gas into Egypt’s national grid ahead of summer, coordinating with EGAS and GASCO.
Atef also highlighted that the company plans to invest $1.043 billion during the FY 2026/27, including drilling 47 exploration wells and 57 production wells, while advancing infrastructure projects and safety digitalization initiatives.
For his part, Badawi stressed expediting drilling and exploration activities across Khalda’s Western Desert concessions, alongside reprocessing seismic data using advanced technologies to unlock new opportunities and mitigate investment risks. He also emphasized the importance of lowering production costs to improve economic viability and attract further investments.
In February 2026, Khalda announced two new natural gas discoveries within its Western Desert concessions. A primary milestone was the North Opera-2 well, situated in the Matrouh Development area. Following the completion of testing phases, the well yielded confirmed production rates of 21.15 million cubic feet per day (mmcf/d) of natural gas alongside 3,274 barrels per day (bbl/d) of condensates.
