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Egypt is planning to drill more than 100 exploratory wells during 2026 after crude oil production increased by nearly 200,000 barrels per day (bpd) over the past year, the country’s oil minister said.
In comments carried by the cabinet’s information centre, Karim Badawi said Egypt made 75 new oil and gas discoveries during the 2024-2025 fiscal year ending on 30 June 2025, adding that 383 new wells were brought on stream.
“These discoveries and the development projects added around 1.1 billion cubic metres of gas and 200,000 bpd of crude oil to Egypt’s production,” the minister said.
“We have also managed to save around $6.7 billion in petroleum products import bills following an increase in refining output…the ministry now has plans to drill more than 100 exploratory oil and gas wells during 2026,” he added.
The drilling of the new wells is part of a five-year development plan targeting the investment of around $5.7 billion for the development of 480 wells.
Badawi’s figures showed Egypt’s refining production capacity is estimated at around 34 million tonnes and that of petrochemicals at four million tonnes per day.
(Writing by N Saeed; Editing by Anoop Menon)
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