Karim Badawi, Minister of Petroleum and Mineral Resources, confirmed that the petroleum sector is executing an ambitious five-year plan to increase production by upgrading and expanding existing infrastructure, according to a statement by the Ministry. The strategy aims to rapidly integrate targeted increases in reserves and production into the national grid, preventing bottlenecks and optimizing additional potential. Primarily, these efforts focus on reducing the national import bill, meeting domestic market requirements, and supporting the expansion of value-added industries.
The announcement was made during the General Assembly of Agiba Petroleum Company, a joint venture (JV) company between Eni’s subsidiary IEOC Production BV and Egyptian General Petroleum Corporation (EGPC), to approve the modified budget for Fiscal Year (FY) 2025/2026 and discuss the planning budget for FY 2026/2027.
During the assembly, Agiba Petroleum Company Chairman Abdel Salam Al-Manzalawy reported that investments in the current fiscal year’s modified budget total approximately $639 million. Production recorded 41.5 thousand barrels of oil equivalent per day (boe/d) during the first half (H1) of the year, achieving 102% of its target. This performance was bolstered by the drilling of 18 development wells and the execution of 110 maintenance operations.
Recent drilling activities yielded positive indicators, with the “Dorra 36” and “West Yasmin 3” wells producing a combined 1,650 barrels of oil and 19 million cubic feet (mmcf) of natural gas per day. Al-Manzalawy also highlighted the company’s environmental, social, and governance (ESG) milestones, reporting the achievement of zero routine flaring and the treatment of all produced water according to international standards for reinjection into wells to enhance reservoir efficiency.
Looking ahead to FY 2026/2027, Agiba targets investments of approximately $509 million. The company aims to achieve a daily production rate of 38,000 barrels of petroleum and 125 mmcf of natural gas.
The meeting convened leadership from the MoPMR, the Egyptian General Petroleum Corporation (EGPC), and the Egyptian Natural Gas Holding Company (EGAS), alongside representatives from Italy’s Eni and China’s United Energy Group (UEG).
Agiba has been active since 1981 with operations mainly focused on Eni’s oil and gas concessions located in the Western Desert Area of Egypt, where the recent effort towards new exploration and development activities has brought unprecedented results.