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.
In the aftermath of the 2022 United Nations Climate Change Conference, or COP27, which closed over the weekend following two weeks of intense negotiations, many argue that very little progress was made on the phasing out of fossil fuels.
Egypt needs to improve regional stability and energy ties to fully benefit from its hydrocarbon exports