Egypt plans to drill more than 580 oil and gas wells by 2030

Karim Badawi, Minister of Petroleum and Mineral Resources of Egypt, announced the new phase of oil and gas exploration in this country. According to the Egyptian Minister of Oil, by 2030, the country will finish drilling 586 exploratory wells. 

Al-Bawaba local news agency reported that Egypt has signed 145 contracts in the field of oil and gas exploration with 40 companies. In 2024-2025, authorities plan to drill 110 exploratory wells with a total investment of $1.2 billion. It is expected that by 2030, 586 wells will be drilled with an investment of 7.2 billion dollars.

Among the challenges that Egypt faces in the process of oil and gas exploration, Badawi mentioned regional competition, weak investment opportunities and slow implementation process.

Translator: Azam Purkand