EGYPT has a plan for drilling 480 exploratory oil wells on the basis of investments totalling $5.7 billion over the next 5 years, the country’s petroleum ministry said on October 14, as the country seeks to reverse declining production.
The country has announced agreements with international energy companies on oil and gas exploration over recent months, including an agreement with oil giants Eni and BP to start exploration activities in the Mediterranean Sea.
As many as 101 wells were scheduled for 2026, distributed across Egypt’s main regions.
Egypt is striving to establish itself as a regional energy hub, capitalising on recent large-scale discoveries, most notably the Zohr gas field in the Mediterranean, which is estimated to contain 30 trillion cubic feet of gas.
Earlier this month, QatarEnergy signed an agreement with Shell to acquire a 27% participating interest in the North Cleopatra block offshore Egypt, further stressing growing foreign interest in the country’s energy sector.
Last year, the government outlined plans for major new investments in oil and gas during the 2024/2025 fiscal year as part of a broader strategy to boost production and attract international partners.
In 2026 alone, the Ministry targets 101 new wells—spread across the Western Desert (67), Gulf of Suez (9), Mediterranean Sea (14), and Nile Delta (6)—aimed at strengthening domestic energy supply. according to Egypt Today.
According to Petroleum and Mineral Resources Minister Karim Badawi, Egypt plans to invest $1.2 billion to drill 110 exploratory wells, forming part of a wider $7.2 billion program to drill 586 wells by 2030.
