101 wells will be drilled in 2026.
Egypt is planning to drill 480 new oil and gas exploration wells over the next five years, with total investments exceeding $5.7 billion, the Minister of Petroleum and Mineral Resources said during his keynote speech at the World Energies Summit in London.
In 2026 alone, Karim Badawi said that 101 wells are scheduled to be drilled-67 wells in the Western Desert, 14 in the Mediterranean, 9 in the Gulf of Suez, and 6 in the Nile Delta.
Last year’s newly introduced incentives have supported the expansion of exploration and production activities. He added that 21 new agreements were signed with international companies with total investments of $1.1 billion.
In addition, 300 new wells have been brought into production, he said, noting that they reversed the decline in natural gas production in August 2025 for the first time in years.
Furthermore, four new exploration agreements valued at over $340 million were signed with Eni, Shell, and Arcius Energy, he added.
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.
Christian Mumssen, the fund's new director of strategy, cited a rapid succession of major shocks…
Gold bounces from two-week low, markets await US inflation data. Gold ticked higher on Tuesday…
Reuters poll forecasts U.S. headline inflation at 3.8%. The dollar remained in sight of 13-month…
When Credit Suisse failed in March 2023, Swiss authorities, against market expectations, set aside the…
US labour productivity has accelerated since 2022. Output per hour grew around 2.5% per year…
Europe pays for innovative medicines through 27 uncoordinated national negotiations, generating access delays, cross-country pricing…