Egypt plans to drill 480 exploratory wells over the next five years, with total investments estimated at $5.7 billion, according to Minister of Petroleum and Mineral Resources Karim Badawi. The move aims to reverse the recent decline in natural gas production.
Speaking at the 9th Al-Ahram Energy Conference, Badawi said the petroleum sector is moving from a period of decline to one of stability, with plans to gradually increase gas output for the first time in four years.
The government also aims to achieve crude oil self-sufficiency within five years by offering investment incentives and adopting new production technologies.
Badawi noted major investment commitments from international partners for oil and gas development in the next five years, including $8 billion from Italy’s Eni, $5 billion from BP, and $3.7 billion from Archius.
The exploration program includes 101 wells scheduled for drilling in 2026. He added that seismic survey work will expand to cover 100,000 square kilometers in the Western Desert and 95,000 square kilometers in the Eastern Mediterranean using Ocean Bottom Node (OBN) technology.
On the national energy strategy, Badawi said the government plans to raise renewable energy’s share in electricity generation to 42% by 2030. This will allow natural gas to be redirected to value-added industries like petrochemicals and fertilizers to boost exports.
Regarding the transition to green energy, he mentioned plans to reduce dependence on traditional fuels and attract investment in sustainable aviation fuel (SAF), green ammonia, and bioethanol. Efficiency measures in the sector have already cut carbon emissions by 1.4 million tonnes.
Badawi also highlighted mining sector reforms, including a national airborne geophysical survey aimed at attracting international mining companies to Egypt’s mineral resources.
source: www.dailynewsegypt.com
African Energy Council