Egypt seeks 18% increase in crude oil production by June
Updated 2/5/2025 8:29:00 AM
Arab Finance: The Egyptian General Petroleum Corporation (EGPC) is aiming to increase crude oil production from its onshore and offshore fields by 18% by the end of June 2025, an unnamed government official told Al Arabiya Business.
In cooperation with foreign partners, the EGPC is working to boost its daily production to 565,000 barrels, compared to 475,000 barrels per day at the close of the last fiscal year.
Companies affiliated with the Ministry of Petroleum and Mineral Resources are working to add 90,000 barrels per day during the current fiscal year, focusing on development programs in the Eastern Desert and Gulf of Suez oil fields.
The ministry is also reviewing offers from international companies to explore and develop new concessions and brownfields offered via the Egypt Upstream Gateway (EUG). A final decision on these offers is expected in the first half (H1) of 2025.
About 40% of the targeted production increase will come from brownfields under development, while the remaining 60% will be sourced from new exploratory wells operated by foreign partners.
Key contributors to the production increase include Gulf of Suez Petroleum (GUPCO), Khalda Petroleum, and EGPC, which together will account for 20% of the targeted output.
These companies are developing their fields, drilling new wells, and upgrading infrastructure in concession areas.
The official noted that Egypt plans to reduce crude oil and petroleum product imports in the current fiscal year (FY) 2025/2026 by boosting local production and expanding government and private refineries.
The Ministry of Petroleum is also improving the investment climate in the oil and gas sector, aiming to attract more local and international investments.
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