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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.

QatarEnergy enters Egyptian offshore
NEWS
Egypt - May 04, 2022

QatarEnergy will join Shell’s development of two frontier exploration blocks in the Red Sea offshore Egypt, marking the…

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Lekela Egytp Faisal EISSA
Interview
Egypt - December 13, 2021

Faisal Eissa, general manager of Lekela Egypt, talks to The Energy Year about Egypt’s wind power potential, the scope of the…

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Egypt reports

More reports
Sherif-BAYOUMY Schlumberger Egypt
Interview
Egypt - December 08, 2021

Sherif Bayoumy, Schlumberger’s managing director for Egypt, Sudan and the East Mediterranean, talks to The Energy Year about…

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Egypt gears up for world’s largest green hydrogen asset
NEWS
Egypt - November 24, 2021

Plug Power has been awarded a contract to provide technology for a planned 100-MW electrolyser to produce green hydrogen as…

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Nicolas KATCHAROV Egypt Country Manager ENERGEAN
Interview
Egypt - November 23, 2021

Nicolas Katcharov, Energean’s Egypt country manager, talks to The Energy Year about the company’s development plans in Egypt and the challenges North Africa faces…

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Tarek EL AZHARY General Manager STRATOCHEM SERVICES
Interview
Egypt - November 17, 2021

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…

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Interview
Egypt - October 27, 2021

Amr Osama, managing director of PROWEACT, talks to The Energy Year about potential opportunities in Egypt’s hydrocarbons sector and how the company is remaining…

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Interview
Egypt - October 26, 2021

Mohamed Hathout, chairman and CEO of KAHROMIKA, talks to The Energy Year about the company’s activities and strengths in the Egyptian energy industry and its plans…

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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 and gas industry and new technologies…

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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 deregulation and how the financial sector is…

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