Egypt Plans 480 New Oil Wells with US$5.7 Billion Investment
- Expansion Initiative: Egypt’s Ministry of Petroleum announced plans to drill **480 exploratory oil wells** over the next five years, backed by an investment of **US$5.7 billion**.
Updated Analysis
The large-scale drilling programme marks one of Egypt’s most ambitious upstream efforts in recent years. The initiative is intended to reverse declining oil output, boost crude production, and attract foreign investment into the petroleum sector. According to the statement, **101 of the wells are scheduled for 2026**.
Project Highlights
- Strategic regions: The wells will be concentrated in Egypt’s Western Desert, Gulf of Suez and Eastern Desert regions—areas with established hydrocarbon activity.
- International partnerships: The ministry referenced agreements signed with global energy companies (such as Eni and BP) for exploration and drilling programmes.
- Production outlook: By scaling up drilling, Egypt aims to stabilise and eventually raise its crude output, reducing dependence on imports and strengthening its role as a regional energy player.
Read full coverage:
Reuters — Egypt Plans 480 Oil Wells with $5.7 Billion Investment
Strategic & Market Snapshot
This initiative underscores Egypt’s dual challenge of reinvigorating its mature oil fields while attracting fresh capital in the face of global energy transition headwinds. For investors and industry watchers, the plan signals:
– A belief that oil will remain relevant regionally for the foreseeable future.
– A potential uptick in drilling-services demand and equipment spend in North Africa.
– A signal to international oil firms that Egypt is open for exploration at scale again.
