Egypt announces $5.7B strategy to boost oil, gas production by 2030

CAIRO - 15 October 2025: Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, unveiled an ambitious five-year strategy on Tuesday to expand oil and gas production across the country.

The plan includes drilling around 480 exploratory wells with total investments exceeding $5.7 billion, marking one of Egypt’s largest exploration programs in recent years. In 2026 alone, the Ministry targets 101 new wells—spread across the Western Desert (67), Gulf of Suez (9), Mediterranean Sea (14), and Nile Delta (6)—aimed at strengthening domestic energy supply.

Badawi credited the government’s incentive measures introduced in 2024 for attracting fresh international interest, leading to 21 new agreements worth $1.1 billion and the addition of 300 wells to the production map, which reversed years of declining gas output by August 2025.

He revealed that a strategic roadmap through 2030 is being developed to sustain this growth, noting that Eni plans to invest $8 billion and BP will contribute $5 billion toward new exploration projects. Four additional exploration deals valued at over $340 million were recently signed with Eni, Shell, and Arkeus Energy.

The Minister also highlighted the growing role of Egypt Upstream Gateway (EUG)—a digital platform that streamlines investor access to geological data and accelerates project approvals.

New seismic survey initiatives are also underway, including a major project in the Eastern Mediterranean by EGAS in partnership with the Schlumberger–Veritas Alliance, alongside similar programs in the Western Desert and Gulf of Suez to unlock untapped resources.

Badawi reaffirmed Egypt’s goal of cementing its role as a regional energy hub, supported by advanced infrastructure such as the Idku and Damietta LNG plants, the SUMED and Arab Gas Pipelines, and Africa’s largest refining capacity.

He also emphasized the country’s commitment to expanding petrochemical production, targeting exports worth $4.2 billion by 2030, up from $2.4 billion in 2025.

Concluding his statement, Badawi invited global energy companies to further invest in Egypt, underscoring the nation’s stable investment environment, strategic location, and world-class infrastructure as key enablers for long-term energy partnerships.