Tarek El Azhary, general manager of StratoChem Services, talks to The Energy Year about areas with the most upstream potential in Egypt and the company’s approach to…READ MORE
Egypt's Energy Industry
Tarek EL MOLLA
Minister of Petroleum and Mineral Resources
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.
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