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 said that Egypt will have 586 exploratory wells for gas and oil drilled, with a total investment of 7.2 billion U.S. dollars by 2030.
Regarding exploration activity, the minister explained that there are currently 145 commitment agreements in force in the field of research and exploration for oil and gas, which have been concluded with 40 partners.
He pointed out that there are challenges in exploration activity, most notably regional competition to offer investment opportunities and accompanying economic incentives, as well as the slow implementation of research and exploration activities.
The minister said there are plans to overcome these challenges, such as setting 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, spurred by major recent discoveries, including the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.
