Marina Petroleum, Marina, an oil exploration and production company, spent $9.8 million on operations and drilled a new well during fiscal year (FY) 2025/26, while advancing plans to increase production and reserves, the company said.

The company’s results were approved during its general assembly, held at the headquarters of the Egyptian General Petroleum Corporation (EGPC), along with those of Oasis Petroleum Company (OAPCO) for FY 2025/26.

Marina Petroleum Company, a joint venture between EGPC and Croatian INA, is supporting exploration and development activities following promising results from the Rizk-6 well, which is currently being completed. The well represents a new exploration opportunity and could enable testing of additional geological formations within the company’s concession areas, according to EGPC’s statement.

The company’s partners have prepared a five-year plan involving $70 million in investments to double production and reserves from the concession areas.

Nasr Abdel Salam, Chairman and Managing Director of Marina Petroleum Company and the company’s team, presented the main results achieved during FY 2025/26, including continued improvements in safety and environmental performance.

The company, is also accelerating the connection of the Sidi Rahman area to the national electricity grid, which is expected to support its cost-efficiency plans.

EGPC CEO Salah Abdel Karim directed the company to coordinate with Alexandria Petroleum Maintenance CO (Petromaint), a leading entity in petroleum services and maintenance, to assess the use of its new economic model for supplying electricity to operations through solar power in cooperation with the private sector. The model would use a purchase tariff designed to avoid placing the cost of constructing solar power plants on the companies.

He praised the company’s work and said operations in production areas such as Sidi Rahman and Rizk require detailed planning for work programs, maintenance, enhanced production methods, facility efficiency, safe operations, and environmental protection. He added that recent operations in these areas have reached new geological formations with promising prospects.

Meanwhile, OAPCO, a joint venture between EGPC and the Egyptian Sahari Oil Company, maintained an average daily production rate of 470 barrels of crude oil during FY 2025/26 and developed a plan to evaluate wells to increase production and support operational sustainability.

The company spent $6.6 million on operations during the fiscal year and recorded 560,000 safe working hours without injuries. It also provided 190 hours of training for employees.

OAPCO reduced its carbon emissions by 370 metric tons annually (mt/y) and cut carbon dioxide emissions by 25% compared with the previous year.

The company’s solar power project has reached 70% completion. The project aims to reduce diesel consumption and carbon emissions as part of efforts to lower costs, control spending, and maintain sustainable operations.

During the general assembly, Abdel Kerim praised the company’s work and stressed the need to continue efforts to address the company’s challenges, improve its performance, and increase production. He also called for steps to resolve financing issues and directed that a meeting be held with the company’s management to identify obstacles and develop solutions.