Egypt has launched a renewed oil exploration campaign in the Gulf of Gharib, a region in the Eastern Desert, with plans to drill 75 new wells over the next year.
The initiative is being led by the state-owned Egyptian General Petroleum Corporation (EGPC), which is deploying three advanced drilling rigs to accelerate development in this modest but strategically important oil-producing region.
Currently producing around 1,500 barrels per day, the Gulf of Gharib is expected to see output rise by an additional 7,500 barrels per day.
This effort supports Egypt’s broader goal of increasing national crude oil production to 637,000 barrels per day in the 2024/2025 fiscal year—an anticipated 9% boost.
The campaign also aims to address Egypt’s ongoing energy deficit and reduce its reliance on costly hydrocarbon imports, which have weighed heavily on the national budget.
In 2024, Egypt allocated $200 million to hydrocarbon exploration and development projects across the country. Through the Gulf of Gharib campaign, the government hopes to attract up to $4 billion in short-term foreign investment by demonstrating improved domestic supply and upgraded infrastructure.
This initiative is part of a wider national strategy to strengthen Egypt’s energy sector, ensuring long-term supply security and economic resilience.
