Egypt will open 480 new oil wells with 5.7 billion dollars.

Egypt has taken an important step in the energy sector by planning to open 480 oil wells within the next five years. The total value of this comprehensive investment is estimated at 5.7 billion dollars. According to a statement from the Egyptian Ministry of Petroleum, it is aimed to commission 101 of these wells by 2026.

This step, taken to compensate for the declines in oil production, also aims to strengthen Egypt's goal of becoming a regional energy hub. Two significant developments have occurred in the country's energy market. Egypt has strengthened international collaborations by signing new exploration and production agreements with multinational energy companies.

Among these agreements, the collaboration between KatarEnergy and Shell is particularly noteworthy. Shell will operate with a 36% stake in the North Cleopatra offshore block, while KatarEnergy is preparing to acquire a 27% share in this block. Additionally, other key players in the energy sector, Chemron and Tharwa Petroleum, will have 27% and 10% stakes, respectively.

With these new wells, Egypt is expected to increase both local energy supply and its competitiveness in the international energy market. The country aims to attract investors in this process while reducing dependency and enhancing energy security.

This increase in oil production is also expected to have a positive impact on the Egyptian economy. Enhancing energy production will contribute to the creation of job opportunities and positively affect financial balances. Egypt's efforts to become an energy hub have the potential to change the energy dynamics of the region.