Egypt is poised for a major push in oil and gas exploration, with plans to invest $1.2 billion to drill 110 exploratory wells in the current fiscal year 2024/2025, according to Minister of Petroleum and Mineral Resources Karim Badawi.
Badawi highlighted the long-term strategy, outlining a $7.2 billion investment to drill 586 exploratory wells by 2030.
The ambitious plan, revealed before a parliamentary committee reviewing the new government's program, aims to bolster Egypt's energy independence and secure vital fuel supplies for power generation.
"We are also launching international bids through the Egypt Exploration and Production Gateway, which focuses on making data on new areas of exploration available digitally to partners throughout the year," he emphasized.
Underscoring the crucial role of oil and gas in powering Egypt's economy, the minister explained, "Our top priority is to continue coordination and cooperation with the Ministry of Electricity and Renewable Energy to provide the necessary fuel supplies to operate power stations."
The minister also highlighted the government's commitment to promoting a favorable investment climate. This includes coordinating with foreign partners to schedule and pay off overdue payments, encouraging them to make more investments, and accelerating oil and gas production.
"Because climate action and energy transition have become essential to Egypt’s sustainable development strategy, the ministry strives to take due consideration of the environmental aspects of its activities," Badawi noted.