Egypt adds 591 wells, makes 113 discoveries in two years – minister

Egypt added 591 wells to its production map and made 113 discoveries between July 2024 and June 2026, Petroleum Minister Karim Badawi said on Tuesday, highlighting efforts to boost domestic output and attract investment in the oil and gas sector.

Speaking at the opening of the Mediterranean Offshore Conference and Exhibition (MOC 2026) in Alexandria, Badawi said settling about $6.1 billion in outstanding dues to investment partners had helped restore confidence and strengthen Egypt’s ability to attract investment and accelerate oil and gas development.

He outlined plans to increase domestic production, develop discoveries, maximise output from existing fields, and adopt advanced technologies. Egypt also aims to reinforce its position as a regional energy hub by leveraging its gas transportation networks, processing facilities and liquefaction and export terminals in Idku and Damietta.

Badawi stressed the importance of regional cooperation with Cyprus, Greece, Italy, and Libya to connect energy resources to Egyptian infrastructure and consumer markets. He also highlighted natural gas’s role in supporting petrochemical and fertiliser production, expanding exports and creating jobs.

Cypriot Energy Minister Michael Damianos said the energy partnership between Egypt and Cyprus was entering a new phase, with the Cronos and Aphrodite gas fields expected to benefit from Egypt’s existing infrastructure.

The Cronos project is planned to use facilities associated with the Zohr field and the Damietta liquefaction and export terminal, while the Aphrodite project is expected to transport gas to Egypt to help meet domestic demand.

Damianos said cooperation could reduce costs, accelerate offshore field development, improve project viability and strengthen regional and European energy security.