Egypt is to invest $5.7 billion in 480 oil wells

The Egyptian petroleum minister announced on Tuesday that the country plans to reverse declining production by digging 480 exploratory oil wells with investments totaling $5.7 billion over the next five years.

BP (BP.L) and Eni (ENI.MI), two of the biggest oil firms, have agreed to begin exploratory activities in the Mediterranean Sea, according to a new tab that the country has disclosed in recent months.

According to a ministry statement released on Tuesday, 101 wells are planned for 2026 and would be spread among Egypt’s major areas; however, it did not specify the source of the funding.