Key facts
- Egypt aims for production capacity of 6.6 billion cubic feet per day by 2027, the government's plan states.
- Petroleum minister Karim Badawi said Egypt brought 591 new wells into production and made 113 discoveries between July 2024 and June 2026.
- President Abdel Fattah Al-Sisi announced plans earlier in 2026 to double crude oil and condensate production under a five-year strategy.
- Eni chief executive Claudio Descalzi stated plans to drill 30 exploration wells and 200 development wells in Egypt.
- Eni reported a 50% increase in output from its offshore fields in Sinai.
- The government plans to invest more than $4 billion to upgrade six refineries.
Egypt is targeting production capacity of 6.6 billion cubic feet per day by 2027, the government's plan states, backed by more drilling, new exploration incentives and greater investment from international oil and gas companies. The petroleum ministry set out the goal in a report published November 7, 2026.
In October, petroleum minister Karim Badawi met Cypriot energy minister Michael Damianos, East Mediterranean Gas Forum secretary-general Osama Mobarez and executives of firms operating in Egypt at a roundtable titled "The Future of Energy in Egypt" to discuss accelerating investment and lifting output. Badawi said the ministry hopes to strengthen regional cooperation and establish Egypt as a regional hub, and the government plans to work with international partners on development challenges.
Output has fallen in recent years, largely because of ageing Mediterranean offshore fields, particularly the Zohr gas field, according to the report. Egypt wants to speed development of discoveries and tie them into existing infrastructure, including gas reception, trading and liquefaction facilities, to cut costs and lift returns.
At the October opening of the Mediterranean Oil and Gas Conference and Exhibition, Badawi said Egypt brought 591 new wells into production and made 113 discoveries between July 2024 and June 2026. He said the country had attracted higher investment and had paid outstanding debts owed to exploration and production partners.
Earlier in 2026, President Abdel Fattah Al-Sisi announced plans to double crude oil and condensate production under a five-year energy strategy, and the government plans to invest more than $4 billion to upgrade six refineries. The strategy covers seismic surveys, new contractual frameworks and undeveloped discoveries.
Al-Sisi also met Eni chief executive Claudio Descalzi on expansion. Descalzi stated plans to drill 30 exploration wells and 200 development wells. Eni said it has invested around $8.5 billion in Egypt to date and produced approximately 242,000 barrels of oil equivalent per day in 2025 through its subsidiary International Egyptian Oil Company. Eni said it will expand in the Mediterranean, the Nile Delta, Sinai and the Western Desert, and reported a 50% increase in output from its offshore fields in Sinai.