14 New oil and gas exploration areas opened to investment in Egypt
Petroleum Minister Karim Badawi unveils new lic...
Thursday, 20 August 2026
According to a cabinet statement citing the Ministry of Petroleum, oil and condensate production has risen by 12,000 barrels per day (bpd) over the past two weeks.
Apache Corporation and the state-owned Egyptian General Petroleum Corporation's joint venture, Khalda Petroleum, contributed more than 10,000 bpd to this increase. The company boosted production from 113,300 bpd on 26 May to 123,500 bpd on 8 June, supported by the use of artificial intelligence to improve operational efficiency.
Meanwhile, the state-owned General Petroleum Company achieved its highest production levels since October 2024, reaching 74,500 barrels of oil equivalent per day, including 61,000 barrels of crude oil.
Covering approximately one million square kilometres, the Western Desert extends from the Nile River to Egypt’s border with Libya.
Earlier this month, Minister of Petroleum and Mineral Resources Karim Badawi announced that Egypt had settled its outstanding payments to international oil and gas companies.
In March, Prime Minister Mostafa Madbouly stated that Egypt’s monthly gas import costs had increased by USD 1 billion following the outbreak of the Iran conflict.
As part of its five-year investment strategy, Egypt has approved plans to drill 100 exploratory oil and gas wells in 2026.
According to the Arab Energy Organization, Egypt’s recoverable reserves are estimated at 3.3 billion barrels of crude oil and 2.1 trillion cubic metres of natural gas.
Read more: Arabian Gulf Business Insight
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