Egypt expects $16.7bn in oil and gas investments over five years, says minister

International energy majors are currently planning to invest around $16.7bn in Egypt’s oil and gas sector over the next five years, Egyptian Petroleum and Mineral Resources Minister Karim Badawi said on December 16, quoted by Al Ahram Online.

The planned investments include $8bn from Italy’s Eni (ENI: BIT), $5bn from Britain’s BP (BP: LSE), and around $3.7bn from Archeus, according to the minister.

Speaking at the Al-Ahram Energy Conference in Cairo, Badawi said the Ministry of Petroleum also plans to drill approximately 480 exploratory wells during the five-year period, with total investments estimated at $5.7bn. Of these, 101 wells are scheduled to be drilled in 2026.

Days earlier, Eni said it would begin drilling a second gas well at the Nour offshore concession in the eastern Mediterranean in February, with an estimated investment of $150mn, according to a government official cited by Asharq Business. The paper also reported that ExxonMobil plans to inject $150mn in new investments to drill an exploratory well in the Western Zohr concession in the Mediterranean. This follows the US company’s signing of a letter of intent with EGAS at the ADIPEC 2025 conference in Abu Dhabi in November to expand exploration activities.

The investments are part of Egypt’s strategy to boost hydrocarbon production, enhance energy security, and attract international capital to upstream activities amid rising regional demand.