Egypt's Minister of Petroleum and Mineral Resources Karim Badawi announced plans to drill 480 exploratory oil and gas wells with $5.7 billion in investments over the next five years. The initiative aims to reverse declining natural gas output and achieve crude oil self-sufficiency. Badawi spoke at the 9th Al-Ahram Energy Conference.
In a move to bolster energy production, Badawi stated that the petroleum sector is transitioning from decline to stability, with goals for a gradual increase in gas output for the first time in four years. The exploration program includes drilling 101 wells in 2026, alongside expanded seismic surveys covering 100,000 square kilometers in the Western Desert and 95,000 square kilometers in the Eastern Mediterranean using Ocean Bottom Node (OBN) technology.
The minister highlighted major capital commitments from international partners: Italy's Eni plans $8 billion, BP $5 billion, and Archius $3.7 billion to develop oil and gas resources. The government also seeks crude oil self-sufficiency within five years through investment incentives and new production technologies.
Under the national energy strategy, Egypt aims to raise renewable energy's share in electricity generation to 42% by 2030, allowing natural gas to support value-added industries like petrochemicals and fertilizers to enhance exports. On the green energy shift, plans include reducing reliance on traditional fuels and investing in sustainable aviation fuel (SAF), green ammonia, and bioethanol. Efficiency measures have already cut carbon emissions by 1.4 million tonnes. Badawi also noted mining sector reforms, including a national airborne geophysical survey to attract global companies to Egypt's mineral reserves.