Cairo: Egypt has unveiled an ambitious plan to drill 480 exploratory oil wells over the next five years, with a total investment of $5.7 billion, signaling a major push to reverse the nation’s declining oil production. The announcement was made by the country’s petroleum ministry on Tuesday, emphasizing Egypt’s commitment to bolstering domestic energy output and attracting international investment.
According to the ministry, 101 wells are scheduled to be drilled in 2026, strategically distributed across Egypt’s primary oil-producing regions. While specific sources of funding were not disclosed, the ministry highlighted ongoing collaborations with major global energy companies, including Italy’s Eni and the UK’s BP, to initiate exploration activities in the Mediterranean Sea.
This sweeping initiative is part of Egypt’s broader strategy to rejuvenate its oil and gas sector, which has struggled in recent years due to aging fields and underinvestment. By integrating international expertise and capital, the government aims to strengthen energy security and reduce reliance on imports, positioning Egypt as a more self-sufficient energy producer in the region.
Industry analysts noted that the initiative could serve as a catalyst for further foreign investment, provided that the exploration projects yield significant reserves. The government’s aggressive timetable reflects urgency, as Egypt seeks not only to maintain production levels but also to expand its footprint in the regional energy market.
The petroleum ministry indicated that the upcoming drilling projects are expected to create jobs, enhance technological transfer, and improve local infrastructure, further underlining the socio-economic significance of the program. As the first wells are drilled in 2026, stakeholders will be closely monitoring results, which could redefine Egypt’s energy landscape for decades to come.