Petrosannan company, a joint venture (JV) between Ukraine’s Naftogaz and the Egyptian General Petroleum Corporation (EGPC), plans to invest around $40.32 million for the upcoming fiscal year, targeting daily production of 4,439 barrels of crude oil and 7.9 million cubic feet (mmcf) of gas, Chairman Ayman Morshedy told the General Assembly which convened to approve plans and budget for fiscal year (FY) 2026/2027.
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the drilling operations of the first development and production well at the West Mena gas field in the Northeast El Amreya area in the Mediterranean Sea.
The field is scheduled to begin initial gas production by the end of this year, adding an estimated 160 million cubic feet per day (mmcf/d) of gas and 1,900 barrels of condensates, said the petroleum ministry on Thursday.
Modern Gas has signed an agreement with Talaat Moustafa Group to implement and operate centralized gas networks for the Banan Riyadh residential city in Saudi Arabia.
The first phase of the project is valued at SAR 24 million and will span 4 million square meters out of the city’s total 10 million square meters.
The project will be executed in partnership with Egyptian FAJR Natural Gas Company and Alexandria Petroleum Maintenance Company (Petromaint).
Ganoub El Wadi Petroleum Holding Company (Ganope), in cooperation with the Egyptian Petroleum Exploration Society (EPEX), organized a workshop to promote the 2025 Red Sea International Bid Round, which is scheduled to close on May 3rd, 2026. This comes within the framework of the Ministry of Petroleum and Mineral Resources' strategy to open new investment horizons and expand exploration areas.
Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with representatives of the International Finance Corporation (IFC), the private sector arm of the World Bank, investment and financing opportunities within the domains of petroleum refining, petrochemicals, and value-added industries, as well as the mining sector and the exploitation of mineral ores.
This came through a meeting which included Ethiopis Tafara, Vice President of the for Africa, and Cheick-Oumar Sylla, the IFC Regional Director for North Africa and the Horn of Africa
They also identified potential avenues of cooperation between the Ministry and the IFC, as a key developmental partner for Egypt, to provide financing mechanisms to leverage the refining sector's infrastructure.
The Financial Regulatory Authority (FRA) has issued Decision No. 36 of 2026, mandating non-banking financial institutions (NBFIs) to disclose their annual carbon emissions and offset a portion of their footprint. The move, announced on February 15, is a decisive step toward institutionalizing Environmental, Social, and Governance (ESG) standards across Egypt’s financial ecosystem.
Under the new regulations, companies with issued capital or net equity exceeding EGP 100 million must submit an annual carbon footprint report. These disclosures must adhere to the measurement standards of international Scope 1 (direct emissions from operations and vehicles) and Scope 2 (indirect emissions from purchased electricity and cooling) .
The FRA stipulates that these reports must be verified by accredited bodies and submitted by the end of June 2026, with subsequent filings aligned with each company’s fiscal year-end.
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.
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 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.
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.
