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Egypt is pushing ahead with a five-year plan to develop its oil and gas sector despite regional hostilities, the Arab country’s petroleum and mineral resources minister says.
Karim Badawi said the plan involves heavy investments by foreign oil majors and the drilling of 101 oil and gas wells during 2026.
Badawi said in a statement on Saturday that the development plan targets the drilling of a total 480 exploratory wells with the aim of increasing oil and gas resources.
“The ministry is pursuing the five-year plan with the help of its foreign oil partners with the aim of increasing reserves and production,” he said.
Badawi confirmed earlier statements that Italy’s Eni would invest nearly $8 billion while around $5 billion would be invested by BP and $2 by the Abu Dhabi-based Arcius Energy.
In a report in late 2025, the petroleum and mineral resources ministry said gas production increased in the third quarter by around one percent for the first time in three years to reach nearly 4.2 billion cubic feet per day.
At an energy conference in London last year Badawi unveiled plans to drill 480 new oil and gas exploration wells in Egypt over the next five years, with total government investments exceeding $5.7 billion.
(Writing by N Saeed; Editing by Anoop Menon)
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