Egypt plans to drill 480 exploratory wells with total investments estimated at $5.7bn over the next five years, Minister of Petroleum and Mineral Resources Karim Badawi said on Monday, as the country seeks to reverse a decline in natural gas output.
Speaking at the 9th Al-Ahram Energy Conference, Badawi stated that the petroleum sector is shifting from a stage of decline to stability, targeting a gradual increase in gas production for the first time in four years.
The government is also aiming for self-sufficiency in crude oil within five years by introducing investment incentive packages and utilising new production technologies, the minister said.
Badawi highlighted significant capital commitments from international partners to develop oil and gas resources over the next five years. He specified that Italy’s Eni plans to invest $8bn, BP $5bn, and Archius $3.7bn.
The exploration programme includes 101 wells scheduled for drilling in 2026. Badawi added that seismic survey operations would expand to cover 100,000 square kilometres in the Western Desert and 95,000 square kilometres in the Eastern Mediterranean using Ocean Bottom Node (OBN) technology.
Addressing the national energy strategy, Badawi said the government aims to increase the share of renewable energy in electricity generation to 42% by 2030. He noted this would allow natural gas to be redirected to value-added industries such as petrochemicals and fertilisers to boost exports.
On the transition to green energy, the minister cited plans to reduce reliance on traditional fuels and open investment in sustainable aviation fuel (SAF), green ammonia, and bioethanol. Efficiency measures in the sector have already reduced carbon emissions by 1.4 million tonnes, he said.
Badawi also highlighted reforms in the mining sector, including a national airborne geophysical survey, designed to attract global mining companies to Egypt’s mineral reserves.
