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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.

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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Egypt books

More books
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…

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Dana Gas wins arbitration on sale of Egypt assets
NEWS
Egypt - July 26, 2021

Dana Gas has won arbitration against IPR Wastani Petroleum on a sale and purchase agreement for its mature oil and gas assets in…

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Sayed FAROUK Chairman THE ARAB CONTRACTORS
Interview
Egypt - July 12, 2021

Sayed Farouk, chairman of The Arab Contractors, talks to The Energy Year about trends and prospects the company sees in 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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SAKNAFTA PETROLEUM SERVICES
Interview
Egypt - July 07, 2021

Amr Farrag, chairman of Saknafta Petroleum Services, talks to The Energy Year about managing the impact of Covid-19, the best approach to developing Egypt’s…

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Ogagbano Ogagbano ADEJO-OGIRI Executive Secretary ASSOCIATION OF LOCAL DISTRIBUTORS OF GAS
Interview
Nigeria - July 02, 2021

Ogagbano Adejo-Ogiri, executive secretary of the Association of Local Distributors of Gas (ALDG), talks to The Energy Year about the factors pushing Nigeria to develop…

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Interview
Egypt - June 28, 2021

Thomas Maher, president and COO of Apex International Energy, talks to The Energy Year about advantages in the Egypt Upstream Gateway (EUG) project and the company’s…

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