Egypt plans to invest $5.7 billion to drill 480 new oil wells.

Pyramid Portal reported on January 28, 2026. Egyptian Minister of Petroleum and Mineral Resources Badawi stated that he plans to invest $5.7 billion in oil well drilling. The plan is to drill 480 new oil wells by 2030, and in 2026, 101 wells will be drilled along the Mediterranean coast, in the Western Desert, the Gulf of Suez, the Nile Delta and other places. (Economic and Commercial Office of the Embassy of the People's Republic of China in the Arab Republic of Egypt)