Egypt plans to drill 110 exploratory gas and oil wells, investing $1.2 billion during the 2024–2025 fiscal year, according to Minister Karim Badawi.
In a meeting with a parliamentary committee reviewing the new government’s program, Badawi stated that by 2030, Egypt aims to have drilled a total of 586 exploratory wells for gas and oil, with a cumulative investment of $7.2 billion.
Regarding exploration activities, the minister explained that there are currently 145 active commitment agreements in the field of oil and gas research and exploration, involving 40 partners.
Badawi highlighted several challenges in exploration activities, including regional competition for investment opportunities, economic incentives, and the slow implementation of research and exploration activities.
To address these challenges, the minister outlined plans such as introducing new incentives for current and future opportunities, including unconventional reservoirs, preparing a global marketing plan to attract new investments, and offering global bids through the Egypt Exploration and Production Portal.
Egypt aims to become a regional trade hub for oil and liquefied natural gas, driven by significant recent discoveries, including the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.
