Annual

In 2023,

another year of achievements unfolded in the journey of the petroleum sector, supporting the national economy despite the global challenges facing the oil and gas industry. Despite the vital efforts in developmental initiatives to enhance production, preserve the environment, reduce emissions, and flare gas recovery, Egypt’s petroleum sector made history by bringing the oil and gas industry to the table of dialogue at climate conferences. During the COP27 climate summit hosted by Egypt in Sharm El-Sheikh last year, discussions about the petroleum and gas industry were initiated for the first time, alongside organizing a Carbon Reduction Day as part of the conference’s agenda, a first-ever occurrence. Additionally, Egypt’s petroleum sector continued implementing various projects and initiatives to reduce and eliminate carbon from petroleum and gas production operations as part of a comprehensive strategy targeting all stages of the petroleum and gas value chain. This was carried out concurrently with projects for green energy and low-carbon hydrogen production, balancing the ongoing provision of the heavily consumed local market’s needs for petroleum products (such as diesel, gasoline, LPG, and natural gas).

Exploration for Oil and Gas:

• Signing 29 agreements for oil and gas exploration with a total minimum investment of 2.1 billion dollars, granting approximately 61 million dollars, and drilling 87 new wells.
• Launching two new tenders by the Egyptian General Petroleum Corporation and South Valley Egyptian Holding Company for Petroleum Exploration in 23 areas in the Western Desert, Eastern Desert, Gulf of Suez, and Red Sea in September 2023.
• Announcing the results of the global bid for the Egyptian Natural Gas Holding Company (EGAS) for natural gas exploration in the Mediterranean Sea and Nile Delta, where 4 new areas were assigned for natural gas exploration to international companies with minimum investments of approximately 281 million dollars. Additionally, 12 wells were drilled as a minimum requirement, with signing grants totaling 7 million dollars.