Egypt has unveiled a five-year strategy to double its crude oil and condensate production, backed by over $4bn in refinery investments. The plan seeks to modernise the sector, attract foreign investment, and reinforce Egypt's role as a regional energy hub.
Egypt has announced an ambitious five-year plan to double its crude oil and condensate production, as the government advances six refinery projects with investments exceeding $4bn. The strategy was reviewed by President Abdel Fattah el-Sisi during a meeting in New Alamein with Prime Minister Mostafa Madbouly and Petroleum and Mineral Resources Minister Karim Badawi.
The meeting focused on current oil and gas production levels, strategic reserves, and future supply plans designed to ensure market stability and meet the needs of Egypt's industrial and service sectors. Minister Badawi outlined the ministry's production strategy, which includes new seismic surveys, advanced technologies, updated contractual frameworks, and the development of untapped discoveries.
Refinery investments and sector modernisation
Egypt's plan includes six refinery projects aimed at modernising existing facilities, increasing domestic output of higher-value petroleum products, and reducing the country's fuel import bill. The total investment in these projects is expected to exceed $4bn. The government is also seeking to attract further investment from international energy companies, following efforts to clear overdue payments to foreign partners and maintain regular payments on current obligations.
Development drilling in the Mediterranean and other strategic oil and gas projects are being implemented in cooperation with international companies. The ministry also reviewed new wells expected to come online by December 2026.
Regional energy ambitions and next steps
Egypt aims to strengthen its position as a regional hub for petroleum product trading, gas liquefaction, and exports. On regional gas cooperation, Minister Badawi 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, supporting Egypt's regional ambitions.
President el-Sisi directed the government to provide additional incentives for international partners to expand exploration and field development, and to translate sector targets into measurable implementation programmes. He also called for a greater contribution from Egypt's mining sector to the national economy.
