Egypt Boosts Oil, Gas Production to 1.4 mmboe/d

Prime Minister Mostafa Madbouly met with Minister of Petroleum and Mineral Resources Karim Badawi to discuss and review key updates on the ministry’s projects and initiatives.

During the meeting, Minister Badawi highlighted the major achievements of the petroleum and mineral resources sectors over the last six months (July–December 2024), with a focus on increasing production rates.

He reported that production rates have risen to 1.4 million barrels of oil equivalent per day (mmboe/d) through the drilling of 105 new wells, comprising 95 oil wells and 10 natural gas wells. The daily added production includes 63,700 barrels of oil and condensates, along with 271 million cubic feet (mcf) of natural gas. These efforts are expected to save $1.5 billion in import costs every six months, starting in January 2025.

During his presentation, Badawi referred to the efforts made to pay the dues of various partners and stop their accumulation, in an effort to resume the work and activities of major companies operating in this field, in addition to encouraging more national investments in the petroleum sector, and offering global increases and promising investment opportunities in this vital sector.

Badwi further highlighted the ongoing efforts to advance the petroleum and mineral resources sector, including the completion of three-dimensional seismic survey programs for new areas, especially in the Western Desert and the Western Mediterranean, as well as the preparation of a group of new agreements expected to be signed during the second half of 2024/25.

For his part, Madbouly highlighted the state’s interest in the petroleum sector and its keenness to provide more incentives and facilities to various investors in this promising sector, to attract more investments, which will contribute to increasing the volume of production of various petroleum products, and meet various consumer and development needs.