Egypt has a plan for the drilling of 480 exploratory oil wells on the basis of investments totalling $5.7 billion over the next 5 years, the country's petroleum minister said on Tuesday, as the country seeks to reverse declining production.

The country has announced agreements with international energy companies on oil and gas exploration over recent months, including an agreement with oil giants to start exploration activities in the Mediterranean Sea.

The ministry statement on Tuesday did not give detail on the source of the investment, but said 101 wells were scheduled for 2026, distributed across Egypt's main regions.