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 plan, announced by the Petroleum Ministry, includes 101 wells slated for 2026, across Egypt's main producing regions.
Egypt is rolling the dice on black gold once again
This move aims to reverse years of production decline, with the country seeking to boost its oil output.
- 480 new exploratory oil wells to be drilled over 5 years
- $5.7 billion investment
- 101 wells planned for 2026
Author's summary: Egypt invests $6 billion in oil exploration.