Petroleum and Mineral Resources Minister Karim Badawy has unveiled Egypt's new five-year plan for oil and gas exploration, which envisions drilling around 480 new exploration wells with total investments exceeding $5.7bn. According to the plan, 101 wells will be drilled in 2026, distributed across major production regions — 67 in the Western Desert, nine in the Gulf of Suez, 14 in the Mediterranean Sea, and six in the Nile Delta — in a programme expected to significantly boost national oil and gas output. Badawy made the announcement during his keynote address at the 3rd World Energies Summit, which gathered energy ministers and senior executives from leading global companies to discuss key issues in the sector, including exploration, production, and the integration of artificial intelligence solutions. The Minister noted that the incentive measures introduced over the past year have substantially strengthened exploration and production activity. Over the past year alone, 21 new agreements were signed with international partners, representing $1.1bn in investments, while 300 new wells were added to the national production map. These developments, he said, helped reverse a previous decline in gas production, marking the first output increase in August 2025 after several months of contraction. Badawy added that Egypt is implementing a strategic roadmap through 2030 to sustain growth in oil and gas production, in close cooperation with global energy firms. Among the major partners, Italy's Eni has announced plans to inject $8bn, while BP intends to invest around $5bn in new exploration projects. In addition, four new agreements worth more than $340m have been signed with Eni, Shell, and Arkeus Energy to expand upstream activities. He also highlighted the role of the Egypt Upstream Gateway (EUG) — a digital platform providing comprehensive geological and operational data — in facilitating faster investment decisions and streamlining procedures for investors. The Minister pointed to ongoing seismic survey projects using advanced technologies, including the East Mediterranean seismic survey being implemented by the Egyptian Natural Gas Holding Company (EGAS) in partnership with the Schlumberger–Veridien alliance. The project aims to maximise Egypt's gas potential and attract further investment. Additional seismic surveys are also underway in the Western Desert and Gulf of Suez, revealing new promising exploration prospects. Badawy stressed that Egypt continues to consolidate its position as a regional energy hub, supported by its strategic geographic location and robust energy infrastructure. The country boasts one of Africa's largest refining capacities, liquefied natural gas (LNG) facilities in Idku and Damietta, and key pipeline networks such as SUMED and the Arab Gas Pipeline, alongside the Suez Canal, a vital global trade artery. He further noted that the ministry is prioritising the expansion of petrochemical production and exports, targeting $4.2bn in petrochemical exports by 2030, compared to $2.4bn projected for 2025, as part of Egypt's broader industrial and energy diversification goals. Concluding his remarks, Badawy urged international companies to expand their investments in Egypt's energy sector, affirming that the country remains open to global partnerships within a stable, transparent, and investor-friendly environment, backed by world-class infrastructure and growing market potential.
