Egyptian General Petroleum plans to drill 66 wells with $167.5mn investment in 2026/27

Egypt’s General Petroleum Company (EGPC) plans to drill 66 wells, including 8 exploratory wells, with a total investment exceeding EGP 8bn ($167.5mn) as part of its strategy for FY 2026/27, Economy Plus reported on February 23.

EGPC is the state-owned national oil company responsible for managing Egypt's upstream and downstream petroleum activities, including exploration, refining, and trade. In 2026, the company is spearheading a major production increase of 27%, targeting an output of roughly 660,000 barrels per day to reduce the country’s fuel import bill.

The company aims to double its exploratory drilling activities during H1 2026 to enhance reserves and increase crude oil and gas production. The development comes in parallel to the execution of several projects aimed at developing and expanding the infrastructure and production facilities, according to its chairman, Mohamed Abdel Meguid.

Abdel Meguid said that investments made from July to December 2025 amounted to EGP 4.1bn, while the average production during the same period was approximately 78,000 barrels per day (bpd).

He added that two exploratory wells and 26 developmental wells were drilled to compensate for natural production decline. The company has also expanded the use of modern technologies, which helped bring several ageing wells back into production, contributing an additional 1,000 bpd.

Abdel Meguid explained that the company is working on projects to enhance recovery factors from reservoirs (EOR), accelerate the development of the Asran field with an investment of EGP 350mn over the first five years, and prepare a five-year plan aiming to quadruple production and increase reserves fourfold, with investments estimated at EGP 55bn.

In addition, the company plans to establish a 6.5MW solar power station in Ras Gharib as part of its efforts to reduce carbon emissions and enhance energy efficiency.

Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, commented that exploration activities are a key pillar of the company’s five-year plan to maximise production rates. He stressed the importance of preparing technical studies to maximise the benefits of modern technologies in industrial wastewater treatment and recycling projects, alongside the expansion of renewable energy projects at the company's operational sites, in coordination with the Ministry of Electricity and Renewable Energy.