Egypt’s EGAS has awarded four exploratory oil and gas licences for blocks located off its Mediterranean coast, the state-owned gas company said in a statement…
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.
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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…
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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 MOREEgypt’s oil minister announced on Wednesday that for the first time, the North African country would explore outside its own borders for oil.
The state-owned…
READ MORERussian oil company Soyuzneftegaz is pulling out of its two offshore blocks in Syria due to the civil war, company president and former Russian energy minister Yuri…
READ MORECabling systems manufacturer Nexans have signed a contract to provide 48 kilometres of static umbilicals for BP’s West Nile Delta Taurus and Libra fields in Egypt.…
READ MOREItalian producer Eni has increased its estimates for the huge and newly discovered Zohr gasfield off Egypt’s Mediterranean coast.
“It’s too early to make estimates,…
READ MOREItalian exploration and production multinational Eni announced Sunday the discovery of a major natural gas reservoir off the coast of Egypt. The reservoir, which holds…
READ MOREIsrael’s cabinet has approved a development deal for the Leviathan natural gasfield off the country’s Mediterranean coast that would see production start by 2019.…
READ MOREUK company Rockhopper Exploration announced on Monday its acquisition of interest in non-operated assets in Egypt. The junior company bought a 22-percent share in the…
READ MOREGulf Hibiscus has been awarded exploration and production rights for the South East Ras El Ush concession, also known as block 2, located in Egypt’s Gulf of Suez, the…
READ MORENorway’s Subsea 7 has won a contract worth around $500 million from BP and Germany’s DEA for development work on the Taurus and Libra fields offshore Alexandria,…
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