Petroleum Minister approves EGPC FY2024/25 results

Updated 9/14/2025 4:00:00 PM

Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi approved the results for the fiscal year (FY) 2024/2025 of the Egyptian General Petroleum Corporation (EGPC), according to a statement.

Badawi asserted the importance of joining forces with state agencies and implementing policies to encourage investment partners, which helped overcome declining production.

He also highlighted the need to develop an integrated plan to increase crude oil production in the near future, achieving a qualitative leap in this field.

The minister indicated that priority should be given to accelerating the execution of projects to secure petroleum products locally to lower pressure on the import bill.

On his part, Salah Abdel Karim, CEO of the EGPC, reviewed the most prominent results, touching upon the signing of 11 new agreements for oil and gas exploration and production. This is in addition to 12 contracts for development and production projects, the achievement of 49 new oil and gas discoveries, and carrying out a plan to drill 71 exploratory wells.

The company fulfilled the entire domestic consumption of 83.6 million tons of petroleum products and natural gas, while total domestic production exceeded 60 million tons.

Refineries also refined around 25.3 million tons of crude oil to provide various petroleum products and fuel.

In the field of energy transition and emissions reduction, Abdel Karim confirmed the implementation of 18 projects in solar energy, diesel consumption reduction, and the utilization of flare gases. This resulted in an annual return estimated at $58 million, reducing 270,000 tons of carbon dioxide emissions annually.

The CEO also elaborated that 41 community and development projects have been carried out through social responsibility, serving 163,000 citizens in 19 governorates.