SEATTLE (Oil Monster): Egypt is gearing up to significantly increase its crude oil production over the next two years, targeting an output of around 580,000 barrels per day (bpd) by the fiscal year ending June 2027 — an 11.5% rise from the current level of 520,000 bpd, according to a senior government official. For the upcoming fiscal year ending June 2026, production is projected to reach 550,000 bpd.
The new production targets come as the North African nation works to recover from a sharp decline in oil output. Egypt’s crude production dropped to 507,000 bpd in the fiscal year that ended in June 2025 — its lowest level in nearly five decades.
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Officials attribute the recent decline primarily to liquidity constraints and unpaid dues to foreign oil partners, which led several companies to scale back drilling and development operations. In response, the government has launched a plan to settle outstanding payments and restore investor confidence. Out of the $1.72 billion owed to international energy companies, the government aims to pay $620 million by the end of this year, the official confirmed.
To further strengthen its oil sector, Egypt plans to launch new exploration projects and expand operations in existing oil fields. These initiatives are expected to enhance the country’s production capacity and reinforce its position as a key player in the regional energy market.
