Egypt’s oil and gas sector is poised for growth, according to statements made by Minister of Petroleum and Mineral Resources Tarek El-Molla. The Minister highlighted the country’s promising potential and significant reserves, which can be leveraged to attract further investment and boost production.
UK oil and gas major BP has plans to make a $1.5bn investment in Egypt aimed at development and exploration activities.
The move was disclosed following a meeting between Egyptian President Abdel-Fattah al-Sisi and bp CEO Murray Auchincloss during the Egypt Petroleum Show, EGYPS 2024, in Cairo.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Egypt launched on Monday an international bidding round for oil and gas exploration in 23 onshore and offshore blocks, the Ministry of Petroleum and Mineral Resources said.
Apache Corp, the independent hydrocarbon exploration and production subsidiary of US-based APA Corp, plans to invest about $1.4 billion in Egypt in 2024, local media reported.
Egypt has reportedly green lighted a trio of binding oil and gas agreements in the country, aimed at the drilling of multiple exploration wells, the country’s Cabinet said in a statement.
Egypt is executing eight new projects worth over $5 billion as part of its strategy to modernize the country’s petroleum sector, with a key focus on refining and manufacturing expansions.
Egypt plans to launch two new bids for oil and gas exploration in over 16 regions in the country’s south and the Red Sea by the end of 2023, according to media reports.
Higher global oil prices have encouraged investments in these fields
Egypt is seeking investment in all aspects of energy production, whether it be in traditional fossil fuels or renewables, the Minister of Petroleum and Mineral Resources Tarek El Molla has said.