Egypt to drill over 100 exploratory oil, gas wells in 2026: Badawi
Updated 1/25/2026 8:07:00 AMArab Finance: Egypt plans to drill more than 100 exploratory oil and gas wells in 2026, as part of a broader program targeting approximately 500 wells by 2030, Minister of Petroleum and Mineral Resources Karim Badawi announced.
This came during Badawi's meeting with petroleum and mining leaders at GASCO’s headquarters, where he outlined the ministry’s achievements and future goals.
Badawi stressed that the ministry's current priority is to boost domestic production of crude oil and natural gas, which will contribute to reducing the import bill and secure energy needs for summer 2026, by putting new wells on the production map under an ambitious five-year plan till fiscal year (FY) 2029/2030.
He noted that accelerating exploration activities aims to boost Egypt's production capacity by adding new fields while increasing production from existing fields.
In addition, the minister said that the government is set to announce new incentives to encourage local and global companies to invest in crude oil production.
As for securing energy ahead of next summer, Badawi emphasized that cooperation with the Ministry of Electricity and Renewable Energy played a vital role in meeting last summer's needs despite electricity consumption reached unprecedented levels.
The joint technical coordination is ongoing to secure the necessary gas supplies for power plants this summer, he added, noting that several flexible scenarios have been developed to address any sudden hikes in consumption.
In 2025, the floating storage and regasification units (FSRUs) system helped meet the rising gas needs of power plants and the industrial sector.
The minister stated that the FSRUs will further contribute to enhancing production and achieving self-sufficiency in the coming summer.
On the other hand, Prime Minister Mostafa Madbouly stated, during the cabinet meeting held on January 21st, that the Egyptian government paid off $5 billion in dues to foreign oil companies.
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