GUPCO Strikes 2,500 bbl/d in the Gulf of Suez

• Tuesday, 7th April 2026
• by Doaa Ashraf

Gulf of Suez Petroleum Company (GUPCO) has completed the drilling of a new exploratory well, South Wasl BB, in the Gulf of Suez. Well tests yielded production rates of about 2,500 barrels of oil per day(bbl/d) and 3 million cubic feet of gas per day (mmcf), and the well was immediately tied into existing production facilities, thereby raising the company’s overall production capacity. GUPCO is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and its UAE-based investment partner, Dragon Oil, which bought bp's share in the company in 2019.

Eni Makes 2 Tcf Gas Discovery Offshore Egypt

• Tuesday, 7th April 2026
• by Samar Samir

Italy's energy giant, Eni announced a significant natural gas and condensate discovery in the Temsah Concession, located offshore in Egypt’s Eastern Mediterranean. Preliminary estimates for the Denise W 1 exploration well indicate approximately two trillion cubic feet (Tcf) of natural gas initially in place (GIIP) and 130 million barrels (mmbbl) of associated condensates.

The discovery, situated 70 kilometers (km) offshore in 95 meters of water depth, is positioned less than 10 km from existing infrastructure. This proximity allows for substantial synergies, enabling a fast-track development plan to strengthen Egypt's energy security and increase national natural gas production, according to Eni's press release.

Egypt Gas Revenues Records 20% Surge in 2025

• Tuesday, 7th April 2026
• by Sarah Samir

Egypt Gas Company recorded EGP 9 billion in revenues in 2025, achieving 20% growth compared to the previous year. The company aims to improve the figure to EGP 9.5 billion during 2026 as part of a plan to bolster growth and increase business volume.

The improved performance was translated into a 77 % hike in the company's share value to reach EGP42 in  March 2026. "This growth highlights investors' trust in the company's current performance and its future", according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The statement noted that the company's profits were EGP 4.747 billion in 2025, without providing a comparable figure for the previous year.

GASCO Transmits 2,300 bcf of Natural Gas in 2025

• Tuesday, 7th April 2026
• by Sarah Samir

The Egyptian Natural Gas Company (GASCO) received and transmitted approximately 2,300 billion cubic feet (bcf) of natural gas through the national grid during 2025 to meet domestic demand, Mohamed Marzouk, Chairman of the company, told the company's general assembly meeting attended by Karim Karim Badawi, Minister of Petroleum and Mineral Resources.

Marzouk highlighted several strategic projects at the ports of Sokhna and Damietta, including building the infrastructure to receive gas from Floating Storage Regasification Units (FSRUs) and connect it to the national grid; this allowed GASCO to supply gas to meet the peak daily electricity demand of 6.2 bcf/day without service interruptions.

EXIM Approves $2 Bn Insurance to Support US LNG Exports to Egypt

• Monday, 6th April 2026
• by Sarah Samir

The  Board of Directors of the Export-Import Bank of the United States (EXIM)  has authorized over $2 billion in export credit insurance to facilitate US liquefied natural gas (LNG) exports to Egypt, according to an EXIM press release.  The authorization advances Trump Administration priorities to expand American energy exports, strengthen domestic supply chains, and reinforce US economic security, it noted. 

This decision is set to facilitate LNG shipments scheduled throughout 2026 and 2027 under contracts between the Egyptian General Petroleum Corporation (EGPC) and the US-based Hartree Partners, which is a global energy and commodities trading firm, focusing mainly on physical and financial markets for oil, gas and LNG. It will expand Egypt's access to dependable American energy while deepening the commercial partnership between the two nations, according to the release.

Madbouly Reviews Funding Plans for Strategic Petroleum Reserves

• Monday, 6th April 2026
• by Sarah Samir

Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, and Ahmed Kouchouk, Minister of Finance, to follow up on measures taken to avail needed funding to build up a sufficient strategic reserve of various petroleum products to cover the local market needs.

The meeting looked into the impact of the energy-saving plan recently adopted by the government on the consumption of petroleum products, as well as the savings resulting from the decision to postpone the implementation of several national projects for three months. These savings should be directed toward covering urgent energy demands and securing the requirements of vital sectors.

Sidpec Records 1.77% Sales Growth in 2025

• Monday, 6th April 2026
• by Doaa Ashraf

Sidi Kerir Petrochemicals Company (Sidpec) reported total sales of EGP14.4 billion and a net profit of EGP1.138 billion for the fiscal year (FY) 2025, according to Chairman Mohamed Zakaria El Afandy, who noted that performance remained resilient despite surging natural gas and polymer prices amid regional geopolitical tensions. In 2024, the company's sales were EGP14.15 billion while its net profits stood at EGP2.5 billion, according to Reuters.
El Afandy was addressing attendees of Sidpec's general assembly meeting, which approved a cash dividend of EGP 0.50 per share. El Afandy told the meeting that the company’s robust financial position earned it a spot on Forbes Middle East’s "Top 50 Companies in Egypt for 2026."

Sidpec  is an Egypt-based company engaged in the production and distribution of petrochemical products mainly ethylene, polyethylene, butane and naphtha, among others.

Dragon Oil to Invest $3 Bn in Egypt

• Sunday, 5th April 2026
• by Doaa Ashraf

UAE Dragon Oil is planning to invest $3 billion in the coming years in Egypt, according to the company's CEO Abdulkarim Almaazmi. Speaking in the latest edition of Petrocast, the Ministry of Petroleum and Mineral Resources’ podcast, Al Maazmi pointed out that the company’s recent investments in Egypt include a new well discovery in the North Safa field as well as the East Crystal well discovery at the end of 2025. These milestones, he said, underscore the potential for further investment in the region’s oil and gas sector.
In the third quarter (Q3) of 2026, Dragon Oil intends to drill an exploration well in East El-Hamd area.

Eni to Renew North Port Said Concession

• Sunday, 5th April 2026
• by Doaa Ashraf

The Egyptian General Petroleum Corporation (EGPC) signed a binding Memorandum of Intent (MoI) with Italian energy giant Eni to renew the North Port Said concession. The agreement includes the El Gamil strategic facilities, which serve as a primary natural gas processing hub for both current and future projects in the area.

ENPPI, PMS Sign Offshore Work Contract for Harmattan Gas Field

• Sunday, 5th April 2026
• by Sarah Samir

The state-owned Engineering for Petroleum and Process Industries  (ENPPI) has signed a contract with the Petroleum Marine Services (PMS) for offshore works and installations for the Harmattan gas field. 
While ENPPI is the operator of the field, PMS, will undertake the execution of the works.PMS is a leading Egyptian offshore construction and services company that operates a fleet of 20 vessels, serving major clients across the Mediterranean Sea, the Red Sea, and the Gulf of Suez.

This agreement comes within the framework of plans to accelerate the development of the Harmattan natural gas field in the Mediterranean Sea. It follows the signing of the Final Investment Decision (FID) between the Egyptian Natural Gas Holding Company (EGAS) and Arcius International to develop the field during the Egypt Energy Show (EGYPES 2026).