Egypt’s petroleum sector is executing an ambitious five-year plan to upgrade and expand existing production infrastructure, with a core objective of reducing the country’s rising import bill while meeting domestic market requirements and supporting value-added industries — according to Petroleum and Mineral Resources Minister Karim Badawi.
The strategy was outlined during the General Assembly of Agiba Petroleum Company, a joint venture between Eni subsidiary IEOC Production BV and the Egyptian General Petroleum Corporation (EGPC), convened to approve a modified budget for fiscal year 2025/2026 and discuss planning for FY 2026/2027.
Agiba Chairman Abdel Salam Al-Manzalawy reported that investments in the current modified budget total approximately $639 million. The company recorded production of 41,500 barrels of oil equivalent per day (boe/d) during the first half of the year — achieving 102 per cent of its production target — underpinned by the drilling of 18 development wells and the execution of 110 maintenance operations.
Recent drilling results have been encouraging: the “Dorra 36” and “West Yasmin 3” wells together produced a combined 1,650 barrels of oil and 19 million cubic feet of natural gas per day. On the sustainability front, Agiba reported achieving zero routine flaring and confirmed that all produced water is now treated to international standards and reinjected into wells to enhance reservoir efficiency. For FY 2026/2027, Agiba has set a target daily production rate of 38,000 barrels of petroleum and 125 million cubic feet of natural gas, supported by planned investments of approximately $509 million.
The assembly brought together leadership from the Ministry of Petroleum and Mineral Resources, EGPC, the Egyptian Natural Gas Holding Company (EGAS), alongside representatives from Italy’s Eni and China’s United Energy Group. Agiba, which has been active since 1981, focuses its operations on Eni’s oil and gas concessions in Egypt’s Western Desert, where renewed exploration and development efforts have produced strong results in recent years.
Source: egyptoil-gas.com