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Egypt Overview

Egypt

in figures

Oil reserves3.3 billion barrels

Oil production670,000 bopd

Gas reserves2.1 tcm

Gas production58.6 bcm

Egypt: Great Potential

Egypt is Africa’s largest non-OPEC oil producer and its third-largest natural gas producer, after Algeria and Nigeria.

After facing socio-political upheaval starting in 2011 which led to the ouster of two presidents within two years, including long-time leader Hosni Mubarak, Egypt has enjoyed relative political stability since Abdel Fattah El Sisi was elected president in 2014. That year, President El Sisi’s government launched an ambitious macroeconomic reform programme, which has helped the economy stabilise and improved the business environment in the country. In 2016, a new reform programme was introduced to enhance investor confidence and improve governance. Egypt has started to reap the benefits of these reforms, with real GDP growing at around 4-5% in recent years. According to the World Bank, foreign exchange reserves had greatly improved by July 2018 to USD 44.3 billion, having almost tripled from USD 15.5 billion in August 2016. Per David Lipton, first deputy managing director and acting chair of the IMF, Egypt’s “near-term growth outlook is favourable, supported by a recovery in tourism and rising natural gas production.”

Indeed, in December 2018 Egypt’s Ministry of Petroleum announced the country had achieved a major milestone: gas self-sufficiency. The overall production of natural gas increased during 2018 to around 161.4 mcm (5.7 bcf) per day.

Egypt struck fortune in 2015 with the discovery of an 850-bcm (30-tcf) super-giant gasfield in the Eastern Mediterranean, Zohr, which alone could meet more than half the country’s demand. The discovery was made by Eni, whose total investment in the project will amount to as much as USD 16 billion. Zohr represents the largest gas discovery ever made in Egypt and the Mediterranean. Eni brought production at the Zohr field to 76.5 mcm (2.7 bcf) per day ahead of schedule in 2019.

The increase in optimism surrounding the Egyptian oil and gas market is supported by the elimination of fuel subsidies, new bid rounds and new PSAs, as well as a 15% decline in oil and gas production costs.

The Oil & Gas Year Egypt 2019 is the most up-to-date and comprehensive report on the country’s hydrocarbons industry.

Suez Canal ship partly refloated, traffic to resume
NEWS
Egypt - March 24, 2021

A container ship that was blocking the Suez Canal since late Tuesday has been partially refloated and marine traffic is set to…

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Egypt launches app to locate natural gas stations
NEWS
Egypt - March 02, 2021

An app that lets drivers locate the nearest natural gas filling station has been launched by Egypt’s Ministry of Petroleum and…

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Egypt launches 2021 oil and gas bid round
NEWS
Egypt - February 19, 2021

Egypt has announced the start of its much anticipated 2021 oil and gas licensing round, with officials saying on Thursday that…

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Egypt set for top-10 LNG status as plant restarts
NEWS
Egypt - January 28, 2021

Egypt is planning to reopen one of its two LNG plants by the end of February, Minister of Petroleum & Mineral Resources…

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Mubadala takes Egypt offshore stake
NEWS
Egypt - January 22, 2021

Abu Dhabi’s Mubadala Petroleum has acquired a 27% share in the Shell-operated Block 4 development in Egypt’s Red Sea area, the…

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Energean reaches FID on Nile Delta project
NEWS
Egypt - January 22, 2021

Energean has sanctioned the USD 322-million North El Amriya & North Idkunea (NEA/NI) subsea project in Egypt’s Nile Delta…

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BP starts up Egypt gasfield
NEWS
Egypt - October 26, 2020

BP has launched production at the shallow-water Qattameya gasfield offshore Egypt, the company announced on Monday.

The field, located in the North Damietta licence,…

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East Mediterranean Gas Forum launched
NEWS
Egypt - September 22, 2020

The long-planned East Mediterranean Gas Forum was formally established on Tuesday via a virtual ceremony.

The group comprises Egypt, Cyprus, Greece, Israel, Italy,…

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Sherif El Kilany EY Egypt
Interview
Egypt - August 25, 2020

Sherif El Kilany, Egypt market segment leader for EY, talks to The Energy Year about the impact of the Covid-19 crisis in Egypt and why the country is poised to benefit…

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