Cairo: Egypt has unveiled an ambitious plan to drill 480 exploratory oil wells over the next five years, with a total investment of $5.7 billion, signaling a major push to reverse the nation’s declining oil production. The announcement was made by the country’s petroleum ministry on Tuesday, emphasizing Egypt’s commitment to bolstering domestic energy output and attracting international investment.

According to the ministry, 101 wells are scheduled to be drilled in 2026, strategically distributed across Egypt’s primary oil-producing regions. While specific sources of funding were not disclosed, the ministry highlighted ongoing collaborations with major global energy companies, including Italy’s Eni and the UK’s BP, to initiate exploration activities in the Mediterranean Sea.

This sweep

See Full Page