GUPCO Targets 75,000 bbl/d of Oil in 2026/27

• Tuesday, 24th February 2026
• by Sarah Samir

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.

GPC to Drill 66 Wells with EGP 8 Bn Investments in FY 2026/27

• Tuesday, 24th February 2026
• by Doaa Ashraf

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.

PMS Posts $261.5 Mn Revenues in 2025

• Monday, 23rd February 2026
• by Doaa Ashraf

Petroleum Marine Services (PMS) generated total revenues of $261.5 million in 2025. The revenues included $129 million from development projects and $132.6 million from maintenance, inspection, drilling, and other marine services, CEO Amr Badawy said during the general assembly meeting to approve the company’s 2025 financial results.

Badawy explained that PMS’s strategy is focused on diversifying and expanding its activities through cable-laying and deepwater installation works, in addition to port dredging. The company is also focused on broadening its client base, increasing business volumes, and strengthening partnerships with existing customers.

Egypt, Global Tech Providers Discuss Drilling Advances

• Monday, 23rd February 2026
• by Sarah Samir

Minister of Petroleum and Mineral Resources, Karim Badawi, held a meeting with representatives from international technology providers and service companies operating in Egypt, including SLB, Baker Hughes, Weatherford, National Energy Services Reunited Corporation (NESR), and Expro. The meeting discussed the executive steps for establishing an integrated mechanism to develop drilling technology and field Development.

MRMIA Updates Badawi on Nationwide Airborne Geophysical Survey Plan

• Monday, 23rd February 2026
• by Sarah Samir

Minister of Petroleum and Mineral Resources, Karim Badawi, held a meeting with the Board of Directors of the Mineral Resources and Mining Industries Authority (MRMIA), chaired by Yasser Ramadan, to discuss the launch of the nationwide airborne geophysical survey project.

The meeting also focused on aligning the Authority’s operational roadmaps with its new status as an economic entity. Officials briefed Badawi on the developments in negotiations for new gold and mineral investments,  and in the implementation of recently issued mining and exploitation licenses.

Sukari gold Produces 500,000 ounces in 2025

• Sunday, 22nd February 2026
• by Sarah Samir

The total production of the Sukari gold mine in 2025 came at 500,000 ounces, compared to 481,000 ounces in 2024, driven by higher ore throughput and improved equipment availability. The total cost of production is $783 per ounce, according to a press release by AngloGold Ashanti.

AngloGold Ashanti acquired the Sukari gold mine from Centamin on November 22, 2024.

In the fourth quarter (Q4) 2025, Sukari produced 119,000 ounces, down 5% from Q4 2024. This decline was partly caused by the processing of lower-grade materials.

Mubadala Acquires 15% Stake in Egypt’s Nargis Offshore Concession

• Sunday, 22nd February 2026
• by Sarah Samir

Mubadala Energy finalized the acquisition of a 15% stake in Egypt’s Nargis Offshore Concession from Eni. This move reinforces the company’s position in the East Mediterranean and its long-term commitment to Egypt.

MIDOR Reaches Peak Capacity of 170,000 bbl/d

• Friday, 20th February 2026
• by Samar Samir

The Middle East Oil Refinery (MIDOR) has officially reached its maximum production capacity following the successful completion of comprehensive maintenance works, marking a strategic shift in Egypt’s energy self-sufficiency goals. Amr Lotfy, Chairman of MIDOR, confirmed that the refinery is currently processing 170,000 barrels per day (bbl/d).

During the company’s general assembly to approve the 2025 financial results, chaired by the Minister of Petroleum and Mineral Resources Karim Badawi, Lotfy highlighted several key operational achievements, including the successful restart of production units at 100% capacity.

Badawi Chairs Second Preparatory Meeting for EGYPES 2026

• Wednesday, 18th February 2026
• by Sarah Samir

The Executive Committee of the Egypt Energy Show (EGYPES 2026) convened its second meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to oversee preparations for the event’s ninth edition. Held under the patronage of President Abdel Fattah El-Sisi, the conference and exhibition are scheduled to run from March 30 to April 1, 2026.

Petrosannan to Invest $40.32 Mn in FY 2026/27

• Wednesday, 18th February 2026
• by Doaa Ashraf

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.