Egypt’s Petroleum Minister announced a five-year plan to drill 480 exploratory oil wells, backed by a total investment of $5.7 billion, in an effort to reverse the nation’s declining oil production.

The country has recently secured several exploration agreements with global energy majors, including a deal with Eni and BP to begin activities in the Mediterranean Sea.

According to a ministry statement on Tuesday, the plan’s first year (2026) schedules the drilling of 101 wells across Egypt’s primary regions, though the ministry did not specify the source of the $5.7 billion investment.