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Egypt Overview

Egypt

in figures

Oil reserves3.1 billion barrels

Oil production686,000 bopd

Gas reserves2.1 tcm

Gas production64.9 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.

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 is expected to reach around 204 mcm (7.2 bcf) per day by 2022.

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 recent 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. The Energy Year Egypt 2021, currently under production, will showcase the most dynamic companies and projects across Egypt’s energy value chain.

Mohamed FAROUK CEO ADES INTERNATIONAL HOLDING
Interview
Egypt - October 06, 2021

Mohamed Farouk, CEO of ADES International Holding, talks to The Energy Year about the recovery of activity in the regional oil…

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Girgis ABD EL SHAHID Managing Partner SHAHID LAW FIRM
Interview
Egypt - September 30, 2021

Girgis Abd El Shahid, managing partner of Shahid Law Firm, talks to The Energy Year about advances in Egypt’s market…

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Egypt books

More books
Naila RAMSAY Partner SHARKAWY & SARHAN
Interview
Egypt - September 29, 2021

Naila Ramsay and Heba Anwar Raslan, partners at Sharkawy & Sarhan, talk to The Energy Year about how Egypt’s energy industry…

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Cairn, Cheiron take Shell’s Western Desert assets
NEWS
Egypt - September 24, 2021

Shell has finalised the sale of upstream assets in Egypt’s Western Desert to Cheiron Petroleum Corporation and Cairn Energy,…

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Mohamed TAREK KAMEL Area Managing Director, North Africa CONSOLIDATED CONTRACTORS COMPANY CCC EGYPT
Interview
Egypt - September 23, 2021

Mohamed Tarek Kamel, area managing director for North Africa at Consolidated Contractors Company (CCC), talks to The Energy Year…

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Hisham EL GRAWANY Vice-President, Egypt Market Manager, Middle East and Africa (MEA), Energy Systems DNV
Interview
Egypt - August 30, 2021

Hisham El Grawany, vice-president, Egypt market manager, Middle East and Africa (MEA), energy systems for DNV, talks to The…

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Ahmed EL ARABY CEO EGYPTIAN MUD ENGINEERING AND CHEMICALS COMPANY
Interview
Egypt - August 18, 2021

Ahmed El Araby, CEO of the Egyptian Mud Engineering and Chemicals Company (EMEC), talks to The Energy Year about prospects for ramping up production in Egypt as the…

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Eni signs Egypt hydrogen accord
NEWS
Egypt - July 08, 2021

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…

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