Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, announced that Egypt will drill around 480 new oil and gas exploratory wells over the next five years with investments exceeding $5.7 billion to boost hydrocarbon production and reinforce its role as a regional energy hub. Speaking at the World Energies Summit in London on Tuesday, Badawi noted that 101 wells will be drilled in 2026 across key regions, including the Western Desert, Gulf of Suez, Mediterranean Sea, and Nile Delta. He added that incentive measures have accelerated exploration, leading to 21 new agreements worth $1.1 billion and 300 new wells added to the production map, marking Egypt's first gas output increase in years in August 2025. Badawi revealed that Eni and BP plan new investments of $8 billion and $5 billion, respectively, while four additional exploration deals worth over $340 million were signed with Eni, Shell, and Arkeus Energy. He highlighted the success of Egypt Upstream Gateway (EUG) and new seismic surveys in the Eastern Mediterranean, Western Desert, and Gulf of Suez to attract investors. The minister, in his remarks, reaffirmed Egypt's energy hub strategy, citing its advanced infrastructure, refining capacity, and LNG facilities, and said the country aims to raise petrochemical exports to $4.2 billion by 2030 from $2.4 billion in 2025. Moreover, he invited international firms to expand their investments in Egypt, emphasising its stable and open investment climate. Attribution: Amwal Al Ghad English
