Badawi reviews Agiba Petroleum’s production performance, plans

Updated 6/30/2025 12:52:00 PM

Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has reviewed Agiba Petroleum Company’s plans and latest developments in oil and gas exploration and production, according to a statement.

Badawi met with the company's leadership and officials from IEOC Production, a subsidiary of Italy's Eni in Egypt.

Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), and Moataz Atef, the ministry’s official spokesperson, attended the meeting.

This falls within the ministry’s first strategic pillar to expand local production and lower import costs, in addition to securing petroleum products for citizens at the lowest possible cost.

On his part, Abdel Karim stated that EGPC plans to cooperate with its partners to boost Agiba’s production capabilities. This will be achieved by increasing the number of drilling rigs, reducing the cost per barrel, and exploiting the available production facilities of sister companies in the Western Desert region.

Meanwhile, Tharwat El-Gendy, Chairman of Agiba Petroleum, outlined the company’s performance results for the period from July 2024 to June 2025.

El-Gendy revealed that the company’s daily production hit its highest levels last May, recording 44,196 barrels of oil equivalent per day.

Agiba plans to maintain an average daily production of 30,000 barrels of oil equivalent during the fiscal year (FY) 2025/2026, added El-Gendy.

The chairman also noted that the company implemented several key projects, including the establishment of a water treatment plant with a daily capacity of 45,000 barrels.

The company also developed a fire-fighting system and a lightning protection system while renovating gas meters at the Meleiha plant.

Further expansion projects are underway, including the establishment of a new gas processing plant with a capacity of 100 million cubic feet per day and a crude oil pipeline to Hamra Port.