Egypt’s petroleum sector is ramping up across multiple fronts, with two major state-linked companies unveiling ambitious production targets and multibillion-pound investment plans for fiscal year 2026/27.
The Gulf of Suez Petroleum Company (GUPCO) announced plans to increase output from the current 65,000 barrels per day (bbl/d) to 75,000 bbl/d in FY 2026/27 through a combination of exploratory and developmental drilling alongside well repair programs. GUPCO’s investment plan for the fiscal year totals $516.5 million, covering exploration, development and operating expenditure. The company, co-owned by the UAE’s Dragon Oil and the Egyptian General Petroleum Corporation (EGPC), is also replacing the oil pipeline between Ras Bakr and Ras Shukheir and overhauling the Morgan-36 complex. Dragon Oil CEO Abdulkarim Almaazmi praised the successful drilling of the Crystal exploration well using Ocean Bottom Node (OBN) seismic technology — the second such discovery in the Gulf of Suez — while noting a significant reduction in gas emissions compared to 2021.
Meanwhile, the General Petroleum Company (GPC) is targeting the drilling of 66 wells, including 8 exploratory ones, backed by EGP 8 billion in total investments during FY 2026/27. GPC is also preparing a five-year plan to double production and quadruple reserves, with estimated investments of around EGP 55 billion. The company drilled two exploratory and 26 development wells between July and December 2025 and averaged approximately 78,000 bbl/d during that period. A key initiative includes accelerating development of the Issaran oil field in the Eastern Desert with a $350 million investment over the first five years, alongside the operation of a 1.5 MW flare gas power plant in Abu Sennan and plans for a 6.5 MW solar facility in Ras Gharib.
Petroleum and Mineral Resources Minister Karim Badawi, who chaired both general assembly meetings, emphasized that technology and digital transformation — including AI applications — are fundamental pillars for maximizing Egypt’s petroleum potential and enhancing operational efficiency.
Source: egyptoil-gas.com