Egypt's $6 Billion Bet on Crude Oil
Egypt is planning to drill 480 new exploratory oil wells over the next five years, an ambitious $5.7 billion investment.
The Petroleum Ministry has laid out the plan, with 101 wells already slated for 2026, spread across Egypt's main producing regions.
Egypt is rolling the dice on black gold once again
This move aims to help the country recover from years of production decline, as stated by Julianne Geiger, a veteran editor and writer for Oilprice.com.
- 480 new exploratory oil wells to be drilled over the next five years
- $5.7 billion investment
- 101 wells already planned for 2026
Author's summary: Egypt invests $6 billion in crude oil production.