Egypt Is Making a $6 Billion Bet on Crude Oil

Egypt is Making a $6 Billion Bet on Crude Oil

Egypt is rolling the dice on black gold once again, announcing plans to drill 480 new exploratory oil wells over the next five years—an ambitious $5.7 billion wager that the country can claw its way back from years of production decline. The Petroleum Ministry laid out the plan this week, revealing that 101 wells are already slated for 2026, spread across Egypt’s main producing regions. The announcement didn’t specify where all that capital is c…

Egypt plans to drill 480 oil wells over five years

Egypt has announced an ambitious plan to drill 480 exploratory oil wells with a total investment of $5.7bn over the next five years.

Egypt unveils $5.7 billion plan to drill 480 Oil Wells, targeting declining output and energy security - Africa Sustainability Matters

Egypt has announced plans to drill 480 exploratory oil wells over the next five years under a $5.7 billion investment program, part of a broader effort to reverse declining crude output and reinforce its position as a leading energy producer in North Africa. Petroleum and Mineral Resources Minister Tarek El Molla confirmed the plan on […]

Egypt launches $6bn energy investment plan

Egypt to drill 480 exploration wells Minister reveals investment from BP Reforms have led to greater FDI Egypt has unveiled a five-year plan to boost oil and gas production, marking one of its largest exploration drives. Under the programme, Cairo aims to drill 480 exploration wells with total investments of more than $5.7 billion, minister of petroleum and mineral resources Karim Badawi said in a statement. The ministry has planned 101 wells ne…

Egypt to drill 480 new exploration wells worth $5.7bn over five years: Petroleum Minister - Dailynewsegypt

Petroleum and Mineral Resources Minister Karim Badawy has unveiled Egypt’s new five-year plan for oil and gas exploration, which envisions drilling around 480 new exploration wells with total investments exceeding $5.7bn. According to the plan, 101 wells will be drilled in 2026, distributed across major production regions — 67 in the Western Desert, nine in the Gulf of Suez, 14 in the Mediterranean Sea, and six in the Nile Delta — in a programme…