The government’s plan for oil and gas exploration over the next five years includes drilling 480 exploration wells at a total cost of USD 5.7 bn, Oil Minister Karim Badawi said at the World Energies Summit.

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In 2026 alone, the state plans to drill 101 wells — 67 in the Western Desert, 14 in the Mediterranean, nine in the Gulf of Suez, and six in the Nile Delta — as part of efforts to boost local production.

Seismic surveys are being launched to identify fresh exploration prospects, including a survey in the East Mediterranean by EGAS and the Schlumberger-Viridien alliance. Similar projects are underway in the Western Desert and the Gulf of Suez.

Recent incentives have supported expansion, with 21 new exploration agreements worth some USD 1.1 bn signed in the past year and 300 wells brought online, Badawi said. Meanwhile, gas output rose in August, marking the first monthly increase in years, Badawi noted.

DATA POINT- Petrochemical exports are projected to increase to USD 4.2 bn by 2030, up from USD 2.4 bn this year, through expanded production and new projects.

REMEMBER- Egypt plans to stop importing LNG by 2030 and significantly up exports by 2027.

The Oil Ministry will soon launch an international tender for oil and gas exploration in the Red Sea through the Egypt Upstream Gateway (EUG), according to a ministry statement.

AND- The China National Offshore Oil Corporation expressed interest in investing in Egypt’s oil and gas sector, particularly in the Mediterranean and Red Sea, according to a separate statement. Badawi also met with executives from Capricorn Energy, Woodside Energy, and Pharos Energy to discuss expanding their operations in the country.

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