Egypt will drill a record 106 exploratory oil wells in 2026, Prime Minister Mostafa Madbouly announced at a government meeting.
"The Prime Minister noted that the state strategy is based on 'diversifying energy sources' alongside encouraging increased local production, explaining that this year will see the drilling of a 'record number of exploratory wells,' with the oil sector planning to drill more than 106 new wells," the government press service stated.
It was noted that geological work will be carried out in partnership with international oil companies.
Madbouly emphasized that achieving this goal will help strengthen Egypt's position as a regional energy hub.
"Madbouly noted that [the drilling] is taking place in locations that ... have promising potential for large-scale local production in the coming years, which will strengthen Egypt's position as a regional energy hub and meet the needs of future generations," the release stated.
In February, Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, announced that the government plans to invest over $4 billion in the implementation of six projects for the development and modernization of oil refining facilities.
In October 2025, Badawi stated that the country plans to drill 480 new exploratory wells for oil and gas by 2030, with total investments in the project exceeding $5.7 billion.
