Egypt Unveils Ambitious Plan to Double Oil Output

President Abdel Fattah El Sisi and Minister of Petroleum and Mineral Resources Karim Badawi discussed Egypt's national oil production strategy, which aims to double oil and condensate output over the next five years. The plan involves seismic surveys, advanced technologies, new contractual frameworks, and developing discoveries that have yet to enter production.

The strategy also includes a 2026 exploration program targeting over 100 oil and gas wells, with a total of around 480 wells planned for drilling over the next five years at a cost exceeding $5.7 billion. The goal is to strengthen Egypt's position as a regional hub for petroleum product trading, gas liquefaction, and exports.

Eni CEO Claudio Descalzi met with El Sisi, reaffirming his company's commitment to Egypt. Eni has invested around $8.5 billion in the country and plans to drill 30 exploration wells and 200 development wells in the coming period.