Egypt's $6 Billion Bet on Crude Oil
Egypt is rolling the dice on black gold once again, announcing plans to drill 480 new exploratory oil wells over the next five years.
The ambitious $5.7 billion plan aims to help the country recover from years of production decline.
- 101 wells are already slated for 2026
- Drilling will take place across Egypt's main producing regions
The country has been signing new exploration deals with majors, including BP
The source of the capital for the project has not been specified.
Author's summary: Egypt invests $6 billion in oil exploration.