Egypt has unveiled plans to drill 480 exploratory oil wells with a total investment of $5.7 billion over the next five years, the country’s petroleum minister announced on Tuesday.
The move is part of Egypt’s broader strategy to revive declining oil production and strengthen its energy sector, Reuters reported.
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In recent months, the government has signed several agreements with international energy companies to expand oil and gas exploration, including partnerships with global oil giants Eni (ENI.MI) and BP (BP.L) to commence exploration activities in the Mediterranean Sea.
While the ministry’s statement did not specify the exact source of the $5.7 billion investment, it revealed that 101 wells are scheduled for drilling in 2026, spread across Egypt’s main production regions.
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Image Credit: Zawya.com
