Karim Badawi, the Minister of Petroleum and Mineral Resources, held talks with senior executives from UK-based Capricorn Energy to review the company’s operations in the Western Desert and its plans to raise oil and gas production. The delegation included Capricorn Energy CEO Randy Neely, Chief Operating Officer, Geoff Probert, and the Managing Director of Capricorn Energy PLC Egypt, Eleanor Rowley.
As Cairo steps up efforts to attract high-quality foreign direct investment (FDI), Mohamed Farid, Egypt’s Minister of Investment and Foreign Trade, met with Terje Pilskog, CEO of Norway’s Scatec, to explore expanding cooperation in renewable energy and green investment, according to a press release by the ministry.
Scatec, a renewable energy company, has been active in Egypt’s clean energy sector through a pipeline of solar and wind power investments. The company’s portfolio is anchored by its contribution to the Benban Solar Park, one of the world's largest photovoltaic (PV) installations, and the recently launched Obelisk project in Nagaa Hammadi.
The Egyptian General Petroleum Corporation (EGPC) concluded a two-day forum to discuss the strategy for transitioning to "Performance-Based Contracting Models"(PBC) in oil well drilling deals. PBC is a procurement model based on linking payment directly to measurable outcomes and predefined service levels, rather than the traditional way, where companies were simply paid for the hours worked and the materials used.
This shift is part of the roadmap to achieve the ambitious goals of the state’s five-year plan, which prioritises doubling production rates to secure Egypt’s energy needs through the adoption of advanced contractual mechanisms that keep pace with global developments.
Petrobel, the joint venture between Eni and the Egyptian General Petroleum Corporation (EGPC), has started production from the Belayim Offshore 133 well in the Gulf of Suez at an initial rate of 1,500 barrels of crude oil per day (bbl/d), with further potential to optimize output in the near term, according to the Ministry of Petroleum and Mineral Resources (MoPMR).
Assiut Oil Refining Company (ASORC) targets refining 4.2 million tons (mmt) of crude oil during fiscal year (FY) 2026/27, ASORC Chairman Issa Alaq stated during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the FY 2026/27 investment plan.
Cooperation Petroleum Company (CPC) investment plan details a total of EGP 1.2 billion investments in fiscal year (FY) 2026/27, CPC’ Chairman, Mostafa El Sayed, noted. This came during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the FY 2026/27 investment plan.
UK-listed Capricorn Energy PLC reported 2025 production in Egypt of 20,024 barrels of oil equivalent per day (boe/d), exceeding the midpoint of its 17,000–21,000 boe/d guidance. By year's end, the company's recorded rise in production rates to 21,003 boe/d, supported by new development wells drilled since July 2025 and the expanded waterflood program at the Badr El Din (BED) field, according to the company’s operational and trading update released on February 24.
Fitch Solutions expects Egypt’s annual natural gas production to increase by 8% Year-on-Year (YoY) in 2026, reaching 46.6 billion cubic meters (bcm) compared to 2025. This growth follows a production decline during the previous year, as production was 43.1 bcm, according to a Cabinet statement.
The Gulf of Suez Petroleum Company’s (GUPCO) aims to increase its production from 65,000 barrels of oil per day (bbl/d) currently to 75,000 bbl/d in fiscal year (FY) 2026/27, Abdul Wahab El-Maghawry, the company's Chairman, announced. This will be achieved through drilling exploratory and developmental wells, as well as implementing well repair programs to maximize the utilization of existing fields, he explained.
This came during the General Assembly held to approve GUPCO’s investment plan for FY 2026/27. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, representatives from the UAE’s Dragon Oil and officials from the International Egyptian Oil Company (IEOC Production). Dragon Oil is the co-owner of GUPCO together with the Egyptian General Petroleum Corporation (EGPC), while IEOC, a subsidiary of Italy’s Eni, is a partner in GUPCO’s Tor Sinai concession area.
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.
