Egypt is planning to increase oil and gas production, attract new investment, and reduce petroleum imports as part of its 2026/2027 economic and social development strategy.  

Minister of Planning and Economic Development Ahmed Rostom and Minister of Petroleum and Mineral Resources Karim Badawy outlined the priorities for the sector.  

They cited energy security as a national priority in the context of continued regional and global geopolitical uncertainty. 

The government plans to invest $4.5bn in refinery development to boost domestic production and reduce reliance on imported petroleum. 

Karim Badawy stated that the plan also includes receiving natural gas from Cyprus and re-exporting it to global markets, which officials say would enhance Egypt’s role as a regional energy hub. 

Badawy added: “The country also seeks to receive Cypriot gas and re-export it to global markets, strengthening its position as a regional energy hub. 

“The government is also updating its national energy strategy to expand renewable energy and support higher-value industries.” 

Ahmed Rostom highlighted that regular payments to foreign petroleum partners have contributed to a more attractive investment environment and helped the sector move from contraction to positive growth.  

He reported that the petroleum sector saw growth return in the third quarter of the 2025/2026 fiscal year, with a 0.7% increase in June 2026.  

This marked the sector’s first positive quarterly growth since the first quarter of 2023/2024, supported by higher output of crude oil, condensates, and liquefied petroleum gas.