Egypt plans to drill 480 exploratory oil wells over the next five years under an investment programme worth $5.7 billion, the country’s petroleum minister announced on Tuesday, as Cairo moves to counter declining oil output.
The plan forms part of Egypt’s broader strategy to attract foreign investment and expand exploration in key hydrocarbon regions. Over recent months, the government has signed several agreements with international energy companies, including Eni and BP, to explore for oil and gas in the Mediterranean Sea.
A statement from the Petroleum Ministry said that 101 of the planned wells are scheduled for drilling in 2026, spread across Egypt’s main oil-producing regions.
While the ministry did not specify the exact funding sources for the $5.7 billion investment, officials said the project underscores Egypt’s commitment to reviving domestic production and strengthening its position as a regional energy hub.
Source:Africa Publicity
