Egypt Targets 2026 as “Turning Point” for Oil, Gas Discoveries

Egypt aims to make 2026 a “turning point” in the scale of newly discovered oil and gas reserves, a petroleum ministry spokesperson said, as the country seeks to boost domestic output amid global energy challenges.

Mahmoud Nagi, spokesperson for the Ministry of Petroleum and Mineral Resources, said technologies such as horizontal drilling and hydraulic fracturing could help drive a near- to medium-term increase in production.

He said securing reserves and raising local output are top priorities for the sector, supported by the political leadership, as Egypt looks to strengthen energy security and respond to shifting geopolitical conditions and ongoing energy market volatility.

Nagi outlined the stages of hydrocarbon development, starting with the awarding of exploration concessions to specialized companies, followed by drilling using advanced technologies to access subsurface reservoirs. If discoveries are made, operators move to development, including well connections and production.

He said such activities require significant capital, underscoring the need to attract further investment and improve the business environment in the sector.

Egypt plans to drill 101 exploratory wells this year, he added, as part of efforts to expand its resource base and position 2026 as a milestone year for discoveries.