Egypt to drill $5.7B new oil, gas exploration wells within 5 years
Updated 10/14/2025 3:11:00 PM
Arab Finance: Egypt plans to drill about 480 new oil and gas exploration wells over the next five years with investments exceeding $5.7 billion, Minister of Petroleum and Mineral Resources Karim Badawi announced during his keynote speech at the World Energies Summit in London.
Badawi said the 2026 plan alone includes 101 wells—67 in the Western Desert, nine in the Gulf of Suez, 14 in the Mediterranean, and six in the Nile Delta—aimed at boosting production levels.
He noted that government incentive measures introduced last year helped expand exploration and production activities, leading to the signing of 21 new agreements worth a total of $1.1 billion with international oil companies.
Around 300 wells were also added to the production map, contributing to the first increase in gas production in August 2025 after several years of decline.
The minister revealed that Egypt is implementing a roadmap through 2030 to sustain growth in local oil and gas production, highlighting that Eni plans to invest around $8 billion and bp about $5 billion in exploration projects.
Four new exploration agreements worth more than $340 million were also signed with companies including Eni, Shell, and Arcius Energy.
Badawi emphasized the role of the Egypt Upstream Gateway (EUG) in accelerating investment decisions by providing digital access to exploration data, reducing bureaucracy, and supporting investor engagement.
He also highlighted new seismic survey projects, including one by the Egyptian Natural Gas Holding Company (EGAS), in cooperation with SLB-Viridien in the Eastern Mediterranean, to attract more investment opportunities.
Moreover, he added that Egypt continues to strengthen its position as a regional energy hub, supported by its refining capacity, liquefied natural gas complexes in Idku and Damietta, and major pipelines such as SUMED and Arab Gas, in addition to the Suez Canal.
He called on international companies to expand their investments in Egypt, citing the country’s stable and attractive investment climate and advanced infrastructure.
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