Egypt is set to drill 110 new exploratory oil and gas wells during the 2024-2025 fiscal year, with a total investment of $1.2 billion, Azernews reports citing Egypt's Ministry of Petroleum and Mineral Resources.

The announcement was made by Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, during a meeting to review the government’s new program. Badawi revealed that by 2030, Egypt plans to conduct a total of 586 exploratory oil and gas wells, with a cumulative investment of $7.2 billion.

Regarding exploration activities, the minister highlighted that there are currently 145 commitment agreements in place with 40 partners focused on oil and gas exploration.

Badawi also addressed challenges in the sector, including regional competition for investment opportunities, economic incentives, and the slow pace of research and exploration efforts.

To overcome these challenges, the minister outlined several new initiatives, including the creation of unconventional reservoirs, the development of a global marketing strategy to attract new investments, and the presentation of global proposals through the Egyptian Exploration and Production Portal.

Egypt aims to establish itself as a leading regional hub for oil and liquefied natural gas trading.