Egypt signs 29 oil and gas agreements by 2023

Egypt's Ministry of Petroleum and Mineral Resources recently proclaimed a significant development in the country's energy sector, announcing the signing of 29 oil and gas exploration agreements in 2023, involving a colossal investment of around US$1.2 billion. This initiative marks an important step forward in Egypt's energy strategy.

In a detailed press release, the Ministry highlighted the discovery of 65 new oil and gas development sites, strategically distributed across the country. These sites include 51 oil wells and 14 gas fields, located in key areas such as the Western Desert, the Gulf of Suez, the Nile Delta and the Sinai Peninsula. The discovery represents a major breakthrough for the Egyptian energy industry.

In addition, the Ministry reported the drilling of 87 new wells in 2023, reflecting a significant increase in exploration and production efforts. With regard to oil production, Egypt recorded a total output of 74 million tonnes in 2023, comprising 28 million tonnes of crude oil and condensates, as well as 45 million tonnes of natural gas.

On the other hand, the Ministry highlighted the commissioning of five new oil and gas field projects. These projects are targeting an ambitious daily production of 15,000 barrels of crude oil and condensate, and around 144 million cubic feet of gas.

With these initiatives, Egypt is strengthening its position as a future major regional center for oil and liquefied natural gas trade. This ambition is all the more credible in the light of major discoveries made in recent years, notably the Zohr gas field in the Mediterranean. With reserves estimated at around 30,000 billion cubic feet of gas, this field represents a crucial resource for the Egyptian and regional energy economy.