Egypt is planning to drill 480 new exploratory oil wells over the next five years, backed by US$5.7bn in investment, as the government seeks to reverse a steady decline in oil production. While the government's statement did not specify the sources of the planned investment, it noted that 101 wells are scheduled for 2026, including 67 in the Western Desert, 14 in the Mediterranean Sea, 9 in the Gulf of Suez, and 6 in the Nile Delta.
In 2025, Egypt signed several exploration agreements with international energy companies, including a deal with oil majors Italy’s Eni and UK-based BP to begin exploration activities in the Mediterranean Sea.
In 2024, Egypt’s proven oil reserves stood at 449 Mt. However, crude oil production has declined by 15% since 2019 (a drop of about 3% per year), falling to 26 Mt, after having remained relatively stable around 34–35 Mt from 2008 to 2019. Most of Egypt’s oil production is consumed domestically.