Egypt to invest $748.5M in drilling 46 new oil and gas wells

The Egyptian Government plans to drill 46 new oil and gas wells this fiscal year, with an investment of $748.5 million. Minister of Petroleum and Mineral Resources, Karim Badawi, announced on Monday that 15 agreements are in the pipeline, accompanied by $20 million in signing bonuses. The Government aims to boost domestic output, reduce imports, and secure additional reserves through accelerated exploration and production activities.

Efforts to optimize refining capacity at facilities like the MIDOR refinery and petrochemical plants are underway, along with initiatives to expand natural gas connections to households and promote vehicle conversions to natural gas. These measures aim to cut gasoline use and deliver economic and environmental benefits.

Badawi also spoke of plans to ensure fuel supplies, settle dues to partners, and collaborate with Parliament to streamline agreements. Egypt hosts 57 companies in exploration, production, and related services, including major international players and global service providers.

Between January and October 2024, Egypt drilled 77 wells, resulting in 54 discoveries—adding 71 million barrels of oil and 680 billion cubic feet of natural gas to reserves. Notable milestones include Chevron and ExxonMobil’s exploratory drilling in the Western Mediterranean and the completion of a seismic survey in September. Looking ahead, Egypt plans to open new exploration areas, including mature fields in the Gulf of Suez, Eastern Desert, and Western Desert.