Wedoany.com Report-Oct. 15, Egypt plans to drill 480 exploratory oil wells over the next five years with total investments of $5.7 billion, the country’s Minister of Petroleum and Mineral Resources announced on Tuesday. The initiative aims to boost Egypt’s hydrocarbon output and counter the decline in oil production observed in recent years.

The logo of Italian multinational energy company Eni is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023.

According to the ministry, the large-scale drilling program reflects the government’s efforts to enhance domestic energy supplies and attract more foreign investment into the upstream oil and gas sector. The statement emphasized that the program will be implemented gradually, focusing on key geological regions across the country.

Egypt has recently signed several agreements with international energy companies to expand exploration activities, including partnerships with Eni and BP for new projects in the Mediterranean Sea. These deals form part of a broader strategy to strengthen cooperation with global energy firms, improve resource development, and support Egypt’s position as a regional energy hub.

The ministry’s statement did not specify the exact sources of the $5.7 billion investment but confirmed that drilling work will be distributed across multiple basins and territories. A total of 101 wells are planned for 2026, covering Egypt’s main production regions. These will include both onshore and offshore blocks, reflecting the government’s focus on diversifying exploration sites and leveraging the country’s geological potential.

Industry analysts note that Egypt’s exploration drive comes amid efforts to secure sufficient domestic energy supply for consumption while maintaining its export commitments. By increasing exploration activity and production capacity, Egypt aims to reduce reliance on imported fuels and strengthen its long-term energy balance.

The new wells are expected to stimulate activity in the local energy services market and provide opportunities for joint ventures between Egyptian and international firms. The petroleum ministry said the initiative will also contribute to job creation, infrastructure development, and improved utilization of the country’s existing refinery and transport networks.

“The ministry’s objective is to encourage investment, increase exploration, and enhance production levels across all petroleum regions,” the statement said. It added that the projects will be carried out in cooperation with domestic and international partners, ensuring adherence to technical and environmental standards.

The exploration plan represents one of Egypt’s most extensive upstream investment programs in recent years. If executed as scheduled, it will help the country strengthen its oil reserves, stabilize supply for domestic consumption, and expand export potential in the medium term. The government continues to position energy development as a central part of its economic growth strategy, aiming to attract more international participation and maximize the value of national resources.