Karim Badawi, Minister of Petroleum and Mineral Assets, confirmed that the petroleum sector is executing an bold five-year plan to extend manufacturing by upgrading and increasing present infrastructure, in keeping with a press release by the Ministry. The technique goals to quickly combine focused will increase in reserves and manufacturing into the nationwide grid, stopping bottlenecks and optimizing extra potential. Primarily, these efforts deal with lowering the nationwide import invoice, assembly home market necessities, and supporting the enlargement of value-added industries.
The announcement was made in the course of the Normal Meeting of Agiba Petroleum Firm, a three way partnership (JV) firm between Eni’s subsidiary IEOC Manufacturing BV and Egyptian Normal Petroleum Company (EGPC), to approve the modified funds for Fiscal 12 months (FY) 2025/2026 and talk about the planning funds for FY 2026/2027.
Throughout the meeting, Agiba Petroleum Firm Chairman Abdel Salam Al-Manzalawy reported that investments within the present fiscal 12 months’s modified funds whole roughly $639 million. Manufacturing recorded 41.5 thousand barrels of oil equal per day (boe/d) in the course of the first half (H1) of the 12 months, reaching 102% of its goal. This efficiency was bolstered by the drilling of 18 growth wells and the execution of 110 upkeep operations.
Latest drilling actions yielded optimistic indicators, with the “Dorra 36” and “West Yasmin 3” wells producing a mixed 1,650 barrels of oil and 19 million cubic ft (mmcf) of pure fuel per day. Al-Manzalawy additionally highlighted the corporate’s environmental, social, and governance (ESG) milestones, reporting the achievement of zero routine flaring and the remedy of all produced water in keeping with worldwide requirements for reinjection into wells to reinforce reservoir effectivity.
Waiting for FY 2026/2027, Agiba targets investments of roughly $509 million. The corporate goals to realize a every day manufacturing fee of 38,000 barrels of petroleum and 125 mmcf of pure fuel.
The assembly convened management from the MoPMR, the Egyptian Normal Petroleum Company (EGPC), and the Egyptian Pure Fuel Holding Firm (EGAS), alongside representatives from Italy’s Eni and China’s United Vitality Group (UEG).
Agiba has been lively since 1981 with operations primarily targeted on Eni’s oil and fuel concessions situated within the Western Desert Space of Egypt, the place the current effort in the direction of new exploration and growth actions has introduced unprecedented outcomes.
