Egypt launches a plan to explore oil and gas with investments of $5.7 billion
Cairo, 14 October / WAM / The Egyptian Ministry of Petroleum and Mineral Resources announced the launch of a new national plan for research and exploration in the fields of oil and gas during the next five years, aiming to drill about 480 exploratory wells with investments exceeding $5.7 billion, including 101 wells in 2026 distributed in the Western Desert, the Gulf of Suez, the Mediterranean Sea, and the Nile Delta, in a step aimed at increasing local production. And enhancing the state’s energy reserves.
A statement issued by the Ministry stated that Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, announced this during his participation in the opening of the Third World Energy Summit in London, WORLD ENERGIES SUMMIT, with the participation of a number of Ministers of Petroleum and Energy and heads of international companies, to discuss issues of exploration and production and integrating artificial intelligence solutions into the energy industry.
The statement stated that the signing of 21 new agreements with investments of $1.1 billion and placing 300 wells on the production map contributed to stopping the decline in gas production and increasing it since August 2025, pointing to the implementation of a road map until 2030 in cooperation with global partners, as Eni plans to pump $8 billion, and BP about $5 billion, in addition to 4 exploration agreements worth $340 million. Egypt also aims to raise petrochemical exports to $4.2 billion in 2030, compared to $2.4 billion in 2025.
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