Egypt is targeting a doubling of crude oil and condensate production under a five-year energy strategy while advancing six refinery projects with investments exceeding $4bn, the presidency said. President Abdel Fattah Al-Sisi reviewed the plans during a meeting in New Alamein with Prime Minister Mostafa Madbouly and Petroleum and Mineral Resources Minister Karim Badawi. The […] The post Egypt targets doubling oil, condensate output as $4bn refinery projects advance first appeared on Dailynewsegy
Egypt is targeting a doubling of crude oil and condensate production under a five-year energy strategy while advancing six refinery projects with investments exceeding $4bn, the presidency said.
President Abdel Fattah Al-Sisi reviewed the plans during a meeting in New Alamein with Prime Minister Mostafa Madbouly and Petroleum and Mineral Resources Minister Karim Badawi.
The meeting covered current crude oil and natural gas production, strategic reserves of petroleum products, and future supply plans aimed at maintaining market stability and ensuring adequate supplies for the industrial and service sectors.
Badawi presented the ministry’s five-year production strategy, which includes seismic surveys, the use of advanced technologies, new contractual frameworks, and the development of discoveries that have yet to enter production.
The strategy aims to double Egypt’s oil and condensate output while strengthening the country’s position as a regional hub for petroleum product trading, gas liquefaction and exports.
The minister also reviewed exploration, development and production projects, as well as new wells expected to come online between now and December 2026.
According to the presidency, Egypt is seeking to attract further investment from international energy companies after clearing overdue payments to foreign partners and maintaining regular payments on current obligations.
Badawi also outlined development drilling plans in the Mediterranean and other strategic oil and gas projects being implemented in cooperation with international companies.
On regional gas cooperation, he highlighted the final investment decision by Italy’s Eni and France’s TotalEnergies to develop Cyprus’s Cronos gas field and connect it to Egyptian infrastructure. The project is expected to support Egypt’s efforts to strengthen its position as a regional gas trading and processing hub.
In the refining sector, Egypt plans to implement six projects with investments exceeding $4bn to modernise existing refineries, increase domestic production of higher-value petroleum products and reduce the country’s fuel import bill.
Al-Sisi directed the government to provide further incentives for international partners to expand exploration and field development, and to translate the petroleum sector’s targets into measurable implementation programmes.
He also called for a significant increase in the value generated from Egypt’s mineral resources and a greater contribution from the mining sector to the national economy.
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