Egypt is getting ready to double the production of oil and condensate over the next five years. This move is part of an energy strategy. The presidency also announced that there are six refinery modernization projects coming up that will cost more than $4 billion.
President Abdel Fattah al-Sisi looked over these plans during a meeting in New Alamein. He met with Prime Minister Mostafa Madbouly and Petroleum and Mineral Resources Minister Karim Badawi to talk about the future of Egypt.
Discussions covered current output of crude oil and natural gas, the state of strategic petroleum product reserves, and supply plans intended to keep markets stable and meet the needs of industry and services.
Badawi laid out the ministry’s five-year production roadmap, which relies on seismic surveys, newer extraction technologies, revised contractual terms with international partners, and bringing previously undeveloped discoveries into production.
The overarching goal, officials said, is not only to double domestic output but to cement Egypt’s position as a regional center for petroleum trading, gas liquefaction and exports.
The minister also briefed Sisi on ongoing exploration and development work, including new wells expected to come online before the end of 2026.
The presidency said Egypt is working to draw fresh investment from international energy firms, pointing to the government’s recent success in clearing backlogged payments owed to foreign partners and staying current on new obligations — a sticking point that had previously slowed some partners’ commitments.
On regional cooperation, Badawi highlighted a final investment decision by Italy’s Eni and France’s Total Energies to develop Cyprus’s Cronos gas field and link it to Egyptian infrastructure, a project Cairo sees as reinforcing its role as a gas-processing and trading hub for the wider region.
Sisi instructed the government to offer additional incentives to attract international exploration partners and to convert the petroleum sector’s broader targets into concrete, measurable implementation plans.
He further called for boosting the value extracted from Egypt’s mineral wealth and expanding mining’s overall contribution to the economy.
