News / Egypt

PetroBakr Unveils $121 Million Investment Plan for 2026/27

Petrobakr and South Ghazalat Petroleum Companies plan a total investment of $121 million for the fiscal year (FY) 2026/27, targeting a daily crude oil output of 14,000 barrels, Khaled Mounir, Chairman of Petrobakr, told the General Assembly that convened to approve the 2025/26 revised budget as well as the 2026/27 proposed budget, and the five-year strategic plan for both companies.

 The meeting emphasized the importance of leveraging the successful partnership model between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy. This collaboration aims to increase production, reduce the cost per barrel, and enhance sustainability to secure the work environment.

EGPC Eyes Improved Decision-Speed via In-House Digital Solutions

As part of efforts to implement the five-year plan to boost production and enhance exploration activities, the Egyptian General Petroleum Corporation (EGPC) held a forum titled “The Systems We Built,” which showcased several in-house systems developed by employees across sector companies in terms of improving efficiency, optimizing resource utilization, reducing costs, and minimizing errors.

Shell Starts 2026 Drilling Program Following Stena IceMAX Arrival

Shell Egypt has announced the commencement of its 2026 Mediterranean drilling campaign following the arrival of the Stena IceMAX drillship. Operated by Stena Drilling, the vessel will execute a multi-well program, starting with the Mina West development wells and the Sirius exploration prospect, followed by the Velox exploration well.

Badawi, Eni Review Progress of Cyprus Cronos Gas Link to Egypt

Karim Badawi, Minister of Petroleum and Mineral Resources has met with a delegation from Italy’s Eni to review ongoing operations in Egypt including the project to tie in Cyprus’ Cronos gas field to Egyptian gas and liquefaction facilities.

The delegation included Diego Portoghese, Head of North Africa and Levant, Francesco Gaspari, General Manager of the International Egyptian Oil Company (IEOC), Eni’s Egyptian subsidiary, and Mahmoud Abou El-Yazid, Deputy General Manager of Eni in Egypt.​

Western Desert Discoveries Add 34 mmcf/d of Gas and 5,200 bbl/d of Crude

Four petroleum sector companies have successfully made new discoveries in the Western Desert, yielding a total estimated production of over 5,200 barrels per day (b/d) of crude oil and condensates, alongside approximately 34 million cubic feet per day (Mmcf/d) of natural gas.

UEE Partners with Misr El Kheir to Strengthen Ras Gharib’s Healthcare , Education

United Energy Egypt (UEE) has signed a cooperation protocol with Misr El Kheir Foundation to support healthcare services and launch the UEE Technical and Vocational Education Center in Ras Gharib, as part of its commitment to advancing sustainable development and empowering local communities

The cooperation includes the development of the blood bank, emergency unit, and radiology unit at Ras Gharib Central Hospital, aiming to enhance the quality and efficiency of healthcare services provided to citizens.

Italian Energy Players Eye Opportunities in the Egyptian Market

Minister of Petroleum and Mineral Resources, Karim Badawi, met with Agostino Palese, the Italian Ambassador to Cairo, to discuss ways to enhance cooperation between the two countries in the oil and gas sector and to follow up on the implementation status of petroleum projects in which Italian companies operating in Egypt are involved.

Badawi Engages Global Investment Banks to Accelerate Investments

Karim Badawi, Minister of Petroleum and Mineral Resources, presented the latest reforms, incentives, and opportunities within the petroleum and mining sectors during a roundtable meeting with a group of International financial institutions and investment banks, including  JPMorgan, EIG, Rothschild & Co., BlackRock, Jefferies, and Kirkland & Alice. The meeting, which took place on February 10, was also attended by  Ahmed Kouchouk, Minister of Finance, and Hassan El-Khatib, Former Minister of Investment and Foreign Trade

According to the Ministry of Petroleum and Mineral Resources (MoPMR), the meeting seeks to open new channels with financial institutions to secure funding for faster project execution and to promote direct investment in priority projects, thereby maximizing sector returns
Badawi said the ministry is working to attract investments through new investment models and targeted incentives designed to further attract the private sector.

ARCIUS Energy Unveils Five-Year Investment Program in Egypt

Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with Naser Al Yafei, CEO of ARCIUS Energy, the joint venture between the UAE’s ADNOC Group and the UK’s bp, the company’s expansion plans in Egypt and its ambitious operational program for the upcoming five years, focusing on natural gas exploration and production.

Meanwhile, Badawi emphasized that the Ministry has recently taken steps to encourage ARCIUS Energy to increase investment in Egypt, noting that a task force from the Egyptian Natural Gas Holding Company (EGAS) held a joint workshop with the company to coordinate cooperation and identify investment opportunities,  according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

Egypt, EU Sign €90 Mn Grant Deal to Upgrade Power Grid

During the EU Conference in Cairo about Egypt’s sustainable energy outlook 2040, Egypt and the European Union has signed a grant agreement worth €90 million that will be managed by the European Investment Bank to enhance investments in the electricity grid in Egypt and develop renewable energy capabilities. In addition, a separate €35 million grant agreement was signed for Norway’s Scatec to support its green ammonia project in Ain Sokhna, according to the Cabinet’s statement.

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