Egypt sets a $5.7 billion strategy to enhance energy production through new wells
The Egyptian Minister of Petroleum and Mineral Resources, Karim Badawy, announced an ambitious investment plan worth $5.7 billion dedicated to oil and natural gas exploration and research over the next five years, which includes drilling nearly 480 new wells.
The announcement came during the minister's participation in the Third Global Energy Summit (World Energies Summit) in London, where he explained that the plan focuses on "increasing local production of oil and gas" to achieve self-sufficiency and boost exports.
To achieve this goal, drilling operations will be distributed across the main regions of the country, including the Western Desert, the Gulf of Suez, and the Mediterranean Sea and Nile Delta regions. Badawy revealed that the peak of these efforts will be concentrated in 2026, which is expected to witness the drilling of "101 new exploratory wells" to accelerate the pace of operations.
The minister also noted that the incentive measures adopted by the government last year directly contributed to revitalizing the exploration and production sector, paving the way for the signing of "21 new agreements with global companies with total investments amounting to $1.1 billion".
The plan has already shown tangible results, as "300 new wells have been added to the production map in recent times". This has contributed to a significant turning point, represented by "an increase in local gas production for the first time in years", with August 2025 recording "a rise in production rates and halting the decline that the sector had previously suffered".
