Egypt has launched a new oil exploration drive in the Gulf of Gharib, a region in the Eastern Desert, with plans to drill 75 additional wells over the next year.
The state-owned Egyptian General Petroleum Corporation (EGPC) is leading the campaign, deploying three advanced drilling rigs to fast-track development in this strategically important yet modest-producing area.
Currently, the Gulf of Gharib yields around 1,500 barrels of oil per day. Authorities aim to boost this by 7,500 barrels, aligning with their goal to raise national crude output to 637,000 barrels daily—a 9% increase for the 2024/2025 fiscal year.
This initiative addresses Egypt’s persistent energy shortfall and aims to cut costly hydrocarbon imports that strain public finances.
In 2024, Egypt committed $200 million to nationwide hydrocarbon exploration and development.
Through this campaign, the government hopes to attract up to $4 billion in short-term foreign investment by showcasing stronger domestic supply and modernized infrastructure.
The Eastern Desert effort forms part of Egypt’s broader strategy to enhance oil and gas production. With this plan, the country aims to build a more resilient energy system to meet economic demands and secure long-term energy needs.
Source: energynews.pro
