News / Egypt

Egypt and Halliburton Target Production Boost via Horizontal Drilling and Fracking

Karim Badawi, Minister of Petroleum and Mineral Resources, has discussed with Halliburton the preparation of technical and economic studies on opportunities to increase oil and gas production across the country, with a focus on horizontal drilling and hydraulic fracturing.

Ahmed Helmy, Halliburton ’s Vice President for North Africa said Halliburton has begun preparing specialized studies to identify opportunities in unconventional areas and reservoirs. The company plans to conduct a comprehensive technical and economic study across Egypt over the coming months to determine the most suitable opportunities for horizontal drilling and hydraulic fracturing, taking into account the characteristics and production potential of individual reservoirs.

Egypt Launches $50 Mn China’s Sungrow Energy Storage Plant in SCZONE

Egypt has laid the foundation stone for China's Sungrow $50 million plant to assemble energy storage systems, the first in the Middle East and Africa.

Located in the Suez Canal Economic Zone, the plant spans an area of 50,000 square meters (m²) and is expected to have an annual production capacity of 10 gigawatt-hour (GWh) at full operation, with production scheduled to commence in April 2027. It also is expected to create more than 100 jobs, with a focus on employing local workers in manufacturing, production, and technical roles.

OSOCO Increases Output to 1.7 mmboe in FY 2025/26

Offshore Shukheir oil Company (OSOCO) has raised  production to 1.7 million barrels of oil equivalent (mmboe) during the last fiscal year that is equivalent to an average of 7,100 boe per day, successfully offset the natural decline of mature wells, according to Chairman Mohamed Ali Abdullah.

Abdullah, who is also the Chairman of El Mansoura Petroleum, said while reviewing the company's performance during the general assembly meeting which chaired by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC) to approve OSOCO's results for fiscal year (FY) 2025/2026.

PetroSilah Reports 8.5 Mn Safe Working Hours in 2025/26

Mohamed Awad, PetroSilah Petroleum Company Chairman and Managing Director, reviewed the company’s performance highlights during the past fiscal year (FY) 2025/26, including achieving 8.5 million safe working hours, fulfilment of its crude oil production plan, completing the drilling of one development well, and commencing drilling operations on a second well.

This came during Petrosilah’s general assembly to approve FY 2025/26 results, where the company revealed plans to drill six wells during the current fiscal year, according to a statement by the Egyptian General Petroleum Corporation (EGPC).

Magawish Petroleum Targets 3.2 mmbbl in Reserves

Magawish Petroleum (Magapetco) plans to increase its reserves to 3.2 million barrels while maintaining strong safety performance, as part of a development strategy with partner Trident Petroleum. The plan includes infrastructure optimization and will be reviewed in September with EGPC and Ganope officials.

MRMIA Sets Bidding Deadlines for Nine western Dessert Mining Blocks

The Mineral Resources and Mining Industries Authority (MRMIA) has set closing dates between August 18 and 20, 2026 for bids on nine available mining blocks including phosphate, gold, and talc,  located in the Western Desert.

Bidding for Ph35 and Ph37 will close on August 18, while Cg73 and Cg74 will close on August 19. Bids for Ea73, Ea74, Ec72, Ph2 and T5 will close on August 20, MRMIA said in a statement.

IMF Notes Egypt’s Arrears Settlement Gains, Stresses Effort to Boost EGPC Inflows

The full settlement of arrears owed to international oil companies, together with higher domestic fuel prices, is expected to support Egypt's oil and gas production, improve the Egyptian General Petroleum Corporation (EGPC )'s operating profitability, easing its financial pressures, according to the  International Monetary Fund  (IMF) report on the results of its seventh review of Egypt's economic reforms.

The report directly linked payments to international oil companies with renewed activity in the upstream sector. It noted that, according to Egyptian authorities, clearing the arrears has strengthened incentives for international oil companies to restore production and step up exploration, ultimately boosting domestic output.

Sinai Manganese Targets 50,000‑Ton Output by 2028

Sinai Manganese Company plans to increase alloy production capacity to 50,000 tons annually by 2028, while advancing new mineral-processing projects to increase local value added and reduce Egypt’s reliance on imports.

Egypt Gas Records 25% Rise in Operating Revenues H1 2026

Egypt Gas reported a 25% year-on-year (YoY) increase in operating revenues to mount to EGP 4.7 billion for the six months ending  June 30, 2026, according to the company’s disclosure to the Egyptian Stock Exchange (EGX).

The company’s net profit after tax rose to around EGP 234.7 million, marking a 12 % increase from its level in the same period of 2025.

The company’s net profit after tax rose to around EGP 234.7 million during the period, compared with approximately EGP 209.2 million in the same period of 2025.

Valmore’s top five subsidiaries boost H1 2026 net profit 37%

Valmore Holding, a leading diversified investment holding company, reported a 13% year-on-year (YoY) increase in its first-half (H1) 2026 revenue to $392 million. This increase was backed by strong second-quarter results manifested in a 25.2% YoY growth in revenues to $226 million, according to a press release by the company.

The Group's earnings before tax, interest, depreciation and amortization  (EBITDA) reached $166 million while its net profit stood at $87.5 million.

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