– Egypt plans to drill 480 exploratory oil wells over the next five years with a $5.7 billion investment.
– Egypt’s current production capacity is approximately 559,000 barrels of oil per day.
– International agreements with companies like Eni and BP aim to boost Mediterranean drilling.
– A total of $7.2 billion is allocated for drilling 586 wells by 2030, according to strategic plans.
Cairo — Egypt plans to drill 480 exploratory oil wells over the next five years under an investment program worth $5.7 billion, Petroleum Minister Tarek El Molla said on Tuesday, as the country works to reverse declining crude output.
The North African nation is among the continent’s leading oil producers, with a current production capacity of about 559,000 barrels per day.
In recent months, Egypt has signed several oil and gas exploration agreements with international energy majors, including Eni and BP, to launch new drilling projects in the Mediterranean Sea, according to Reuters.
While the ministry did not specify the source of the planned investment, it said 101 wells are scheduled for 2026, spread across Egypt’s main production 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.
Rising foreign interest
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.
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.
*Adekunle is a Senior Reporter at Business Insider Africa
