Egypt has unveiled a plan to drill 480 new exploratory oil wells worth $5.7 billion (E£271.59 billion) over the next five years in a bid to boost the country’s declining oil output and strengthen its goal of becoming a regional energy hub.
In recent months, Egypt has signed several agreements with international energy firms to expand oil and gas exploration. The country remains one of Africa’s top producers, with current output around 559,000 barrels per day.
Egypt continues to build on major discoveries like the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.
Earlier this month, QatarEnergy joined Shell in acquiring a 27% stake in Egypt’s North Cleopatra offshore block. The deal, still awaiting government approval, will keep Shell as operator with 36%, alongside Chevron (27%) and Tharwa Petroleum (10%).
BP recently signed an agreement to drill five offshore natural gas wells in the Mediterranean within its existing Egyptian concessions. Drilling contractor Valaris recently secured a $140 million (£104.85m) contract from BP Exploration Delta to execute the work, which is expected to begin in mid-2026 and last about 350 days.
