Egypt plans to significantly enhance its oil production capacity through a substantial investment. The government has announced a $1.2 billion investment aimed at increasing its oil output. Currently, Egypt is one of Africa’s largest oil producers with a capacity of approximately 559,000 barrels per day.
The investment, slated for the 2024/2025 fiscal year, will fund the drilling of 110 exploratory wells. This initiative is part of a larger strategy to invest $7.2 billion in drilling 586 exploratory wells by 2030.
Minister of Petroleum and Mineral Resources Karim Badawi outlined the ambitious plan during a parliamentary committee review of the new government’s agenda.
The investment is intended to bolster the country’s energy autonomy and secure essential fuel sources for power generation.
“We are also launching international bids through the Egypt Exploration and Production Gateway, which aims to digitally provide data on new exploration areas to partners throughout the year,” Badawi said.
He emphasized the ministry’s commitment to maintaining coordination with the Ministry of Electricity and Renewable Energy to ensure the fuel supplies needed for power stations.
Regarding climate investment, Badawi reaffirmed the government’s dedication to environmental sustainability.
“Climate action and energy transition are critical to Egypt’s sustainable development strategy. We are committed to addressing the environmental aspects of our activities,” he stated.
To foster a favorable investment climate, the government is also collaborating with international partners to resolve outstanding payments, encourage increased spending, and enhance oil and gas output.
