Egypt 14 Mediterranean exploration wells in USD 1 bn+ drilling push this year

Egypt is planning a major Mediterranean drilling program, with 14 new wells and more than USD 1 bn in investment in 2026, part of a wider 101-well national exploration push, according to a government document seen by our EgyptAM desk. Shell, Eni, BP, ExxonMobil, Chevron, and Arcius are all in the Med lineup.

The short-term prize is the import bill, but the long-term stakes are regional. Successful Med discoveries could lift offshore gas output to around 2 bcf/d from 1.5 bcf/d within two to three years — enough to cut Egypt's gas import bill by roughly USD 500 mn a month. The push is meant to reverse an eight-year production low hit in 2024 that forced Cairo to lean hard on LNG and pipeline imports. As we reported last week, Egypt can’t re-export East Med gas at scale — the core of its hub rivalry with Turkey — until it clears its own domestic deficit, best case by 2028-2030. Reviving Mediterranean production is how that gets unlocked.

ZOOMING OUT- This follows the Oil Ministry clearing its USD 6.1 bn arrears backlog to international oil companies this month, alongside better pricing and production terms meant to pull IOCs back offshore.