Petroleum Minister Karim Badawi announced plans to drill more than 100 exploratory wells by 2026 to boost domestic oil and gas production. He made the statement at a roundtable with the American Chamber of Commerce in Cairo.
Petroleum Minister Karim Badawi spoke on Tuesday at the roundtable chaired by AmCham President Omar Mohanna about a drilling program targeting new exploration and existing field development in the Western Desert and Red Sea.
The minister said the aim is new discoveries to support sustainable production, paving the way for a qualitative shift in sector output over the next five years. He added that President Abdel Fattah al-Sisi and Prime Minister Mostafa Madbouly's government are supporting investment attraction and modern technology deployment for unconventional resources.
Recent developments include a new Gulf of Suez well with 2,500 barrels per day capacity and a Mediterranean gas discovery with estimated 2 trillion cubic feet reserves. Egypt recently imported 15 shipments of American liquefied natural gas to meet demand.
Mohanna noted geopolitical challenges but a unified strategy for renewables, with fossil fuels over 80% of the energy mix and plans to raise renewables to 42% by 2030-2035, citing the Benban solar park. Amr Abu Attia, AmCham Petroleum and Gas Committee head, said completed projects bolster Egypt's regional hub status and regular payments to partners build confidence.