Egypt to drill 480 oil wells in $5.7 billion plan

Egypt has announced plans to drill 480 exploratory oil wells over the next 5 years, based on investments worth $5.7 billion (£4.3 billion), according to Reuters, on October 14.

The country said it has agreements with international energy companies on oil and gas exploration, including oil giants BP and Eni, to start exploration activities in the Mediterranean Sea.

The ministry did not give details on the source of the investment but said 101 wells were scheduled for 2026.

Reuters, Maghrebi