The Egyptian General Petroleum Corporation (EGPC) signed 11 new agreements for oil and gas exploration and production, and 12 contracts for development and production projects during fiscal year (FY) 2024/25, said Salah Abdel Kerim, EGPC chairman. EGPC has also reported 49 new oil and gas discoveries, alongside implementing the drilling plans for 71 exploratory wells.
This was announced during the general assembly chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the company’s 2024/25 results.
EGPC contributed to covering local consumption needs by supplying 83.6 million tons of petroleum products and natural gas, while local production exceeded 60 million tons. This comes as Egypt imports the difference to ensure meeting local market demands.
Regarding energy transition and emission reduction, Abdel Kerim confirmed that 18 projects focused on solar energy, diesel consumption reduction, and flare gas utilization were implemented. These projects have an estimated annual return of $58 million and reduce nearly 270,000 tons of carbon dioxide emissions annually.
In the area of occupational health, safety, and environmental protection (HSE), EGPC established a Center of Excellence for Safety and Occupational Health. In addition, projects to treat industrial wastewater at company sites saw progress, in coordination with the Environmental Affairs Agency.
Through corporate social responsibility (CSR) initiatives, 41 community and development projects served 163,000 citizens across 19 governorates, reflecting the social role of the Corporation and its companies.
At the conclusion of the meeting, Badawi honored the top five companies that increased production in FY 2024/25. They were Badr Eldin Petroleum Company (BAPETCO); Petrosannan; Alamein Petroleum; Borg El Arab Petroleum; and Khalda Petroleum. He also honored the top five companies with outstanding HSE performance: Petrobakr; Pharaonic Petroleum; Rashid Petroleum Company (Rashpetco); Belayim Petroleum Company (Petrobel); and Petroleum Safety and Environmental Services Company (PetroSafe).
EGPC is an economic state corporation affiliated with the Ministry of Petroleum. Its affiliated companies include 12 public sector companies, 41 joint ventures (JVs), and 87 Investment Law companies, where EGPC holds shares directly or through affiliates. These companies engage in exploration, development, production, refining, processing, transportation, distribution, drilling, engineering, construction, fabrication, maintenance, and training.