Egypt has announced plans to drill 480 new oil and gas wells over the next five years under a $5.7 billion exploration program aimed at reversing declining production and strengthening the country’s energy security. The initiative, unveiled by Petroleum Minister Karim Badawi at the World Energies Summit in London, marks one of the largest upstream investments in Egypt’s recent history, as reported by Reuters.
According to the ministry’s breakdown, 101 wells will be drilled in 2026 across four key regions, including 67 in the Western Desert, 14 in the Mediterranean, nine in the Gulf of Suez, and six in the Nile Delta. The plan builds on recent regulatory reforms and incentives introduced to attract more foreign participation, measures that have already helped revive exploration activity, Egypt Oil & Gas reported.
Badawi noted that new partnerships with global energy companies such as Eni, BP, and Shell have accelerated Egypt’s momentum in the upstream sector. He also highlighted the role of the Egypt Upstream Gateway, a national digital platform designed to enhance data accessibility and streamline licensing. “Egypt’s goal is to become the region’s most competitive destination for energy investment,” the minister said, as cited by Amwal Al Ghad.
Industry analysts told Daily News Egypt that the plan could help Egypt not only increase domestic production but also regain its position as a regional energy hub. However, they cautioned that the government must address financing, infrastructure, and environmental challenges to ensure the program’s success.
