Egypt to Drill 480 Oil Wells with $5.7 Billion Investment
Egypt plans to drill about 480 new oil exploration wells over the next five years, with investments worth more than $5.7 billion, according to Karim Badawi, Minister of Petroleum and Mineral Resources. He made the announcement during the World Energies Summit held in London.
Expanding Oil and Gas Exploration
Minister Badawi said this project is part of Egypt’s long-term plan to boost oil and gas exploration and research. The goal is to expand the country’s energy resources and support its growing economy.
In 2026 alone, Egypt plans to drill 101 new wells. Out of these, 67 wells will be located in the Western Desert, 9 in the Gulf of Suez, 14 in the Mediterranean Sea, and 6 in the Nile Delta. These regions have been identified as key areas for oil and gas potential.
Badawi explained that several incentive measures introduced in the past year helped encourage more exploration and production. Because of these measures, Egypt signed 21 new agreements with international companies in just one year, attracting around $1.1 billion in investments.
Roadmap Until 2030
The minister said that Egypt has set up a clear roadmap until 2030 to keep increasing local oil and gas production. This plan is being carried out in cooperation with major international partners. He also urged more foreign companies to invest in Egypt’s energy sector, saying the country offers a stable, attractive, and secure environment for investment.
Badawi emphasized that Egypt is working to strengthen its position as a regional energy hub. The country’s strategic location, modern infrastructure, and growing partnerships make it a key player in the regional energy market.
Growing International Partnerships
Egypt has recently signed several deals with major international energy companies to support its exploration and production goals.
Last week, President Abdel-Fattah El-Sisi met with John Christmann, CEO of U.S.-based Apache Corporation, and John Ardill, Vice President for Global Exploration at ExxonMobil. During the meeting, they discussed expanding cooperation in oil and gas projects and boosting production levels.
In July, Egypt signed a new agreement with Italy’s Eni and British energy company BP to speed up offshore gas exploration in the Mediterranean Sea. This step aims to help Egypt increase its domestic energy output and make use of its untapped marine reserves.
In June, the Egyptian Natural Gas Holding Company (EGAS) awarded six new exploration blocks to international firms. This attracted an estimated $245 million in investments, along with commitments to drill at least 13 exploratory wells.
A Strong Energy Future
Through these new projects and partnerships, Egypt is showing its commitment to becoming a leading energy hub in the region. With over $5.7 billion in new investments and nearly 480 wells planned, the country is taking bold steps to expand its energy production, attract more global investors, and strengthen its position in the international oil and gas industry.
Published: 15th October 2025
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