Egypt brings 600 oil wells online in two years

Egypt has stepped up oil drilling to reverse declining hydrocarbon production and attract fresh investment from foreign energy companies, the petroleum minister has said.

Over the past two years the country has brought 591 oil wells online and made 113 oil and gas discoveries, Karim Badawi told the Mediterranean Petroleum Conference and Exhibition in Alexandria on Tuesday.

The government is seeking to revive domestic production as rising energy consumption puts increasing pressure on supplies. It also hopes that settling $6 billion in outstanding payments to foreign operators will encourage further investment.

“The priority in the coming period is to continue increasing domestic production, accelerate the development of new discoveries, maximise the utilisation of existing fields, and implement the latest technologies, in addition to developing contractual and economic models that achieve a suitable return for both the investor and the country,” Badawi said in an address published on his ministry’s website.

Earlier this year the ministry said it would announce a package of incentives to encourage oil companies to step up hydrocarbon operations in the country.

Egypt wants to maximise its oil and gas resources after production declined in recent years due to a lack of major development projects and soaring domestic consumption.

In late 2025 Egypt announced that it had launched a seismic survey to explore for oil and gas across areas covering nearly 10 percent of the country.

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It also announced plans to drill 101 oil and gas wells this year, following reports of discoveries by foreign companies operating in the country.

The Arab Energy Organization estimates Egypt’s proven deposits of crude oil and gas at 3.3 billion barrels and 2 trillion cubic metres, respectively.