NOSPCO and PetroZenima to Invest $112.6 Million to Boost Gas and Oil Production

• Wednesday, 4th February 2026
• by Doaa Ashraf

North Sinai Petroleum Company (NOSPCO) has announced an investment budget of $89 million for the upcoming fiscal year (FY), targeting the drilling of three new exploration wells. The plan aims to sustain and increase current production levels, which stand at approximately 60 million cubic feet per day (mmcf/d), as part of the company's five-year production strategy.

In a separate session, South Abu Zenima Petroleum Company (PetroZenima) and Malek Petroleum Company (PetroMalek) reviewed their own financial and production plans. Tarek Abdel Fattah, Chairman of PetroZenima, presented an investment budget of $23.6 million for the FY 2026/2027. The focus will be on accelerating exploration across promising geological areas within their concessions.

PPC to Invest EGP 16 Bn in Pipeline Modernization in FY 2026/27

• Tuesday, 3rd February 2026
• by Doaa Ashraf

The Petroleum Pipelines Company (PPC), a state-owned company specialized in transporting crude oil and its products between production fields, refineries, and distributors, plans to implement EGP 16 billion projects aimed at developing, replacing, and enhancing the efficiency of Egypt’s national pipeline network, Haggag Kilany, PPC Chairman, said during a meeting chaired by Minister of Petroleum and Mineral Resources Karim Badawi to approve the company's 2026/27 budget.

Badawi stressed the importance of increasing capital expenditure to modernize the pipeline infrastructure of crude oil and refined products, thereby strengthening network reliability, capacity, and operational resilience.

CORC Plans to Invest EGP 679 Mn in 2026/27

• Tuesday, 3rd February 2026
• by Sarah Samir

The Cairo Oil Refining Company (CORC), Egypt’s largest refining entity, plans to invest EGP 679 million in local manufacturing projects during the 2026/27 fiscal year (FY). CORC Chairman Tarek Abdel Latif announced the target during a general assembly meeting held to approve the company’s investment budget. 

During the meeting, Cahired by  Minister of Petroleum and Mineral Resources Karim Badawi, Abdel Latif highlighted CORC's role in deepening local industry through its specialized manufacturing workshops. These facilities, equipped with modern machinery, serve as a critical pillar for the national refining sector by providing essential equipment and technical services to sister companies.

Badawi Unveils 5-Year Production and Investment Plan in Meeting with IOCs

• Tuesday, 3rd February 2026
• by Samar Samir

Karim Badawi, Minister of Petroleum and Mineral Resources, held an expanded meeting with leaders of international oil and gas companies (IOCs) operating in Egypt to discuss a five-year roadmap to intensify exploration and production (E&P) activities. The meeting focused on accelerating operations through 2030 and introducing new incentive packages to attract further investment.

MoPMR Targets Drilling 101 Exploratory Wells in 2026

• Monday, 2nd February 2026
• by Sarah Samir

Minister of Petroleum and Mineral Resources Karim Badawi announced an ambitious 2026 roadmap featuring the drilling of 101 exploratory wells to bolster national reserves. Speaking at an American Chamber of Commerce (AmCham) meeting, Badawi confirmed that the Ministry successfully reversed the production decline to reach stability by the end of 2025.

MoPMR Diversifies Sector Leadership with New Wave of Appointments

• Sunday, 1st February 2026
• by Doaa Ashraf

Karim Badawi, Minister of Petroleum and Mineral Resources has issued new leadership appointments at the ministry and for several petroleum sector companies. This comes as part of the ministry's efforts to optimize the use of diverse expertise and introduce new leaders to vacant positions following retirements.

Badawi Reshuffles Operation Managers Across the Sector to Boost Performance

• Sunday, 1st February 2026
• by Sherine Samir

Karim Badawi, Minister of Petroleum and Mineral Resources, has announced a new round of appointments for several operations managers across the petroleum sector. This broad reshuffle is designed to capitalize on outstanding expertise while introducing fresh leadership, ensuring the continued enhancement of performance and the achievement of sector goals.

Badawi Appoints New EGAS CEO as Abdel Hamid Moves to Senior Advisor Role

• Sunday, 1st February 2026
• by Fatma Ahmed

The Minister of Petroleum and Mineral Resources, Karim Badawi, has appointed Sayed Ahmed Abdel Fattah Selim as Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), effective February 1, 2026. The minister appointed Mahmoud Abdel Hamid , as an advisor to EGAS as he reached the legal retirement age, in recognition of his extensive practical and technical experience in the field of production.

Obelisk in Egypt, Mogobe BESS Fuel Scatec’s Q4 Revenue Surge

• Sunday, 1st February 2026
• by Doaa Ashraf

Scatec, a Norwegian renewable energy solutions provider, reported a 25% increase in proportionate revenues for the fourth quarter (Q4) of 2025. This growth brought quarterly revenues to NOK 3,362 million, according to a press release by Scatec. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at NOK 1,065 million for the quarter.

Scatec said on December 31 that cash flow from operations rose to NOK 1,291 million in the quarter, supported by payments from operating power plants and construction-related cash inflows.

SIDPEC Reports Marginal Increase in Sales in 2025

• Sunday, 1st February 2026
• by Sarah Samir

Sidi Kerir Petrochemicals Company (SIDPEC) announced a 1.84%  year-on-year (YoY) increase in total sales for the fiscal year ending December 31, 2025, to reach EGP 14.413 billion, according to the company's release to the Egyptian Stock Exchange.

SIDPEC's gross profit saw a decline of 43.32%, falling to EGP 1.922 billion. Consequently, the gross profit ratio, ratio between gross profits to revenues, contracted from 23.96% in 2024 to 13.34% in 2025.

Net profit after tax landed at EGP 1.133 billion, a 55.38% decrease compared to the previous year. The basic earnings per share followed this trend, dropping to EGP 1.11 from EGP 2.86 in 2024.