Egyptian Minister of Petroleum Karim Badawi
Egypt Launches $5.7 Billion Oil and Gas Exploration Plan
The Egyptian Ministry of Petroleum and Mineral Resources announced the launch of a new national plan for oil and gas exploration and research over the next five years.
The plan aims to drill approximately 480 exploratory wells with investments exceeding $5.7 billion, including 101 wells in 2026, distributed across the Western Desert, the Gulf of Suez, the Mediterranean Sea, and the Nile Delta. This step aims to increase domestic production and enhance the country's energy reserves.
A statement issued by the ministry stated that Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, made the announcement during his participation in the opening of the third World Energy Summit in London, which was attended by a number of petroleum and energy ministers and heads of international companies. The summit discussed exploration and production issues and the integration of artificial intelligence solutions into the energy industry.
The statement explained that the signing of 21 new agreements with investments of $1.1 billion and the commissioning of 300 wells have contributed to halting the decline in gas production and increasing it since August 2025.
It also noted the implementation of a roadmap until 2030 in cooperation with global partners, with Eni planning to invest $8 billion and BP around $5 billion, in addition to four exploration agreements worth $340 million. Egypt also aims to increase petrochemical exports to $4.2 billion in 2030, compared to $2.4 billion in 2025.
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