Sweden’s Subsea 7 announced today it was awarded a platform extension and tie-in contract for the first phase of BP’s West Nile Delta development in the Taurus and…
READ MOREEgypt's Energy Industry
Tarek EL MOLLA
Minister of Petroleum and Mineral Resources
EGYPT
in figures
Oil reserves3.1 billion barrels
Oil production608,000 bopd
Gas reserves2.1 tcm
Gas production67.8 bcm
Egypt: Great Potential
Egypt’s oil and gas industry is a major backbone of the country’s economic prosperity and represents about a quarter of the country’s GDP. Egypt has enjoyed relative political stability since 2014; the government has launched ambitious macroeconomic reform programmes, which have helped the economy stabilise and improved the business environment in the country. The increase in optimism surrounding the Egyptian oil and gas market is supported by the elimination of fuel subsidies and new bid rounds and PSAs.
Egypt struck fortune in 2015 with the discovery of the 850-bcm (30-tcf) super-giant Zohr gasfield in the Eastern Mediterranean, which at the time could meet more than half the country’s demand. Zohr represents the largest gas discovery ever made in Egypt and the Mediterranean. Led by Italian operator Eni, the country has continued to make significant offshore discoveries that point the country in the direction of becoming independent of energy imports and a regional petroleum hub.
“We are witnessing giant international companies such as ExxonMobil and Chevron investing in Egypt for the first time in the upstream domain,” Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla told The Energy Year. “There is no doubt that the distinguished fruits we are witnessing today in various fields and activities are the result of this pioneering initiative for developing and modernising the petroleum sector.”
To match its growing production, the Ministry of Petroleum and Mineral Resources has upped spend on the country’s downstream operations to refine its base product and become a net exporter of petrochemicals to the region. The government is putting its chips on its nascent energy industry to build a sustainable economy and diversify its industrial ecosystem to at last maximise the country’s economic potential.
A USD 2-billion offer from BP and ADNOC to purchase a 50% stake in NewMed Energy has been put on hold.
READ MOREFaisal Malallah of Al Kout Industrial Projects talks about Kuwait's market for chemical products.
READ MOREADNOC and British energy giant BP have agreed to create a new upstream joint venture company in Egypt.
READ MOREBP has signed a three-year contract with DeepTech for the use of rig support ROVs at the energy giant’s West Nile Delta…
READ MORERabie Ruziek, general manager at Terranaut Technology, talks to The Energy Year about his outlook for 2023 and opportunities in…
READ MORERichard Edwin, CEO of Erith Group, talks to The Energy Year about how the group’s activities support the UAE’s vision for…
READ MOREThe Israeli government approved the sale of up to 5 bcm (177 bcf) of gas over seven years from the Tamar gasfield to Egypt. The sale is valued at about USD 1 billion.…
READ MOREStatoil has cancelled a drillship contract with Transocean six months before its expiration due to a lack of additional work for the vessel, the Norwegian operator…
READ MOREBP increased its working interest in the $12-billion West Nile Delta gas project in Egypt.
The supermajor bought a 22.75% share in the North Alexandria Concession…
READ MOREEgypt’s Ministry of Petroleum and Mineral Wealth signed two agreements for oil and gas exploration in the Gulf of Suez region and the Western Desert on Monday with an…
READ MOREThe companies developing Israel’s giant Leviathan offshore gasfield on Wednesday announced a preliminary deal under which its gas will be pumped to Egypt.
The…
READ MORESiemens has secured a first tranche of funds for a series of gas-fired power plants it will build in Egypt.
In June, the German company inked a deal with the…
READ MOREBP is fast-tracking a deepwater gas project offshore Egypt following the signing of a heads of agreement with the Egyptian government, the super-major said on Thursday.…
READ MORESubsea 7 has been awarded a contract of up to $150 million for work on the East Nile Delta Phase 3 Project.
The international offshore energy services company won…
READ MOREEgypt’s EGAS will purchase 55 cargoes of LNG from seven companies, the gas company announced on Monday.
Successful bidders include Shell, PetroChina, Noble Group,…
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